#2 - AbbVie (NYSE:ABBV)
AbbVie (NYSE:ABBV) would be a popular stock even if Cathie Wood wasn’t buying it. But she is and that is giving the stock even more momentum than it already had. Wood has made ABBV stock a key holding in the ARK Genomic Revolution ETF (NYSEARCA:ARKG). And with good reason, ABBV is consistently outperforming the broader market, which would fit Wood’s portfolio of actively managed funds.
For AbbVie the story is still about its flagship drug, Humira. And some investors have been concerned that the company’s U.S. patent is set to expire soon. The bearish argument would be that Humira has already lost patent protection outside the United States and sales of Humira were down 10% in the company’s most recent quarter.
But that’s still a couple of years down the road and by the time it happens the company is likely to have more products on the market. That’s one reason that AbbVie acquired Allergan (NYSE:AGN) in May 2020. Allergan is planning to expand its portfolio of facial aesthetics products that includes Botox Cosmetic.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.
Read More - Current Price
- $176.95
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 20 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $203.50 (15.0% Upside)
