Here it is! The report on $ABBV, better known as AbbVie.
Current Price: $96.71
52/Wk High: $99.347
52/Wk Low: $62.55
Read below for the report!
$ABBV Is an all-around great biopharma company. The company has had massively successful drugs like Humira.
Currently, Humira is generating $19 billion in sales this year and roughly $18 billion the next. Although the patent on the name has run up in Europe and will need to be renewed in the states in 2023 it is still a huge amount of sales.
While many have kept away due to the lost patent protection in Europe, it has big plans in the near future.
The company is currently in the process of buying out Allergan. The Allergan deal will allow AbbVie to get into neuroscience, aesthetics, and last but not least eye care. This will broaden their revenue stream and increase the companies cashflow.
Recent news also plays into the positivity surrounding the name. $ABBV recently announced a successful phase 3 study for their drug Rinvoq.
The company also has had a long string of fantastic earnings. In Q1 AbbVie reported a $2.42 EPS beating versus the $2.25 consensus. The company also reported quarterly revenue of $8.6 billion.
Not only that but analysts are also very bullish on the name. Currently the average price Target is $106.25/share. UBS analysts also just upgraded the name with a price target of $109/share.
Big money is also betting huge on the stock with ownership of the company being 76.34% institutional. Large firms like Vanguard Group, Blackrock inc., and State Street Corp all have holdings worth over $7 billion at the least and all the way up to just over $14.1 billion.
Overall I very much like the name and am looking for an entrance point in the near future. I believe the name will run in the coming weeks, months, and years.
My price target for the name is $108/share to $110/share. I am bullish on the name and with the big money backing it along with an excellent acquisition in the works it should head north.
Disclaimer: I do not have holdings in the name. This is not investment advice but an opinion based on independent research.
Comments