Clifford Swan Investment Counsel LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,643 shares of the company’s stock after selling 3,532 shares during the period. AbbVie makes up approximately 1.1% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 22nd largest position. Clifford Swan Investment Counsel LLC’s holdings in AbbVie were worth $33,963,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Eclectic Associates Inc. ADV increased its position in shares of AbbVie by 0.8% during the fourth quarter. Eclectic Associates Inc. ADV now owns 5,852 shares of the company’s stock valued at $1,337,000 after acquiring an additional 45 shares in the last quarter. Weil Company Inc. increased its position in shares of AbbVie by 2.3% during the third quarter. Weil Company Inc. now owns 2,026 shares of the company’s stock valued at $469,000 after acquiring an additional 46 shares in the last quarter. Hardin Capital Partners LLC increased its position in shares of AbbVie by 1.4% during the fourth quarter. Hardin Capital Partners LLC now owns 3,321 shares of the company’s stock valued at $759,000 after acquiring an additional 46 shares in the last quarter. Dogwood Wealth Management LLC increased its position in shares of AbbVie by 10.8% during the fourth quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock valued at $108,000 after acquiring an additional 46 shares in the last quarter. Finally, Quantum Private Wealth LLC grew its position in AbbVie by 2.0% in the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock worth $543,000 after purchasing an additional 46 shares during the period. Institutional investors own 70.23% of the company’s stock.
AbbVie Price Performance
Shares of AbbVie stock opened at $224.81 on Friday. The company’s fifty day simple moving average is $209.43 and its 200-day simple moving average is $219.30. The stock has a market capitalization of $397.19 billion, a PE ratio of 110.74, a P/E/G ratio of 0.66 and a beta of 0.32. AbbVie Inc. has a 1-year low of $181.73 and a 1-year high of $244.81.
Key AbbVie News
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
Analyst Upgrades and Downgrades
A number of research firms have commented on ABBV. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a research report on Thursday, February 5th. Barclays began coverage on shares of AbbVie in a research report on Thursday, February 19th. They issued an “overweight” rating and a $275.00 target price for the company. BMO Capital Markets reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Wall Street Zen raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 30th. Finally, Morgan Stanley lifted their target price on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $253.43.
AbbVie 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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