Parallel Advisors LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 2.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 102,585 shares of the company’s stock after selling 2,628 shares during the period. Parallel Advisors LLC’s holdings in AbbVie were worth $23,440,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. TruNorth Capital Management LLC raised its stake in shares of AbbVie by 3.5% during the fourth quarter. TruNorth Capital Management LLC now owns 1,788 shares of the company’s stock valued at $409,000 after acquiring an additional 60 shares during the last quarter. Total Wealth Planning & Management Inc. bought a new position in shares of AbbVie during the fourth quarter valued at about $2,915,000. Lifestyle Asset Management Inc. raised its stake in shares of AbbVie by 10.0% during the fourth quarter. Lifestyle Asset Management Inc. now owns 1,695 shares of the company’s stock valued at $387,000 after acquiring an additional 154 shares during the last quarter. Prestige Wealth Management Group LLC raised its stake in shares of AbbVie by 42.6% during the fourth quarter. Prestige Wealth Management Group LLC now owns 17,386 shares of the company’s stock valued at $3,973,000 after acquiring an additional 5,190 shares during the last quarter. Finally, Deseret Mutual Benefit Administrators raised its stake in shares of AbbVie by 19.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 11,634 shares of the company’s stock valued at $2,658,000 after acquiring an additional 1,910 shares during the last quarter. 70.23% of the stock is owned by institutional investors.
Analyst Ratings Changes
ABBV has been the subject of several recent analyst reports. Morgan Stanley upped their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, March 9th. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. Wall Street Zen raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 30th. Finally, DZ Bank raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $253.43.
Key Stories Impacting AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie won U.K. NHS backing for Elahere, its ovarian cancer therapy, and Reuters reported the British drug-cost watchdog recommended the treatment for a hard-to-treat form of ovarian cancer, improving access and potential sales in a key market. British drug-cost watchdog recommends use of AbbVie’s ovarian cancer therapy
- Positive Sentiment: The company also received European Commission approval for Aquipta to treat migraine, adding a second approved migraine indication and broadening the drug’s commercial opportunity. AbbVie receives EC approval for Aquipta to treat migraine
- Positive Sentiment: Analyst coverage also highlighted AbbVie’s oncology strategy after Decnupaz approval, signaling that management is building a larger antibody-drug conjugate pipeline that could create longer-term upside. Does Decnupaz Approval Validate ABBV’s ADC Strategy in Oncology?
- Neutral Sentiment: Several recent clinical-study updates, including completion of an upadacitinib study in China and a bioavailability study for ABBV-932, suggest steady pipeline progress, but they are not immediate revenue catalysts. AbbVie Completes Real World Upadacitinib Study in China: What Investors Should Watch AbbVie Advances ABBV-932 With Completed Bioavailability Study
- Negative Sentiment: AbbVie also ended an early-stage lung cancer trial for ABBV-647, which trims one potential oncology growth driver and adds some caution around pipeline execution. AbbVie Ends Early Lung Cancer Trial for ABBV-647
AbbVie Price Performance
ABBV stock opened at $224.81 on Friday. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The company has a market cap of $397.19 billion, a P/E ratio of 110.74, a PEG ratio of 0.66 and a beta of 0.32. The firm has a 50-day moving average of $209.43 and a 200 day moving average of $219.30.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. AbbVie’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.
AbbVie Company Profile
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
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