MUFG Securities EMEA plc grew its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 114.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 72,445 shares of the company’s stock after acquiring an additional 38,632 shares during the period. MUFG Securities EMEA plc’s holdings in AbbVie were worth $16,553,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Eclectic Associates Inc. ADV lifted its position in shares of AbbVie by 0.8% during the 4th 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 during the last quarter. Weil Company Inc. lifted its position in shares of AbbVie by 2.3% during the 3rd quarter. Weil Company Inc. now owns 2,026 shares of the company’s stock valued at $469,000 after acquiring an additional 46 shares during the last quarter. Hardin Capital Partners LLC lifted its position in shares of AbbVie by 1.4% during the 4th 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 during the last quarter. Dogwood Wealth Management LLC lifted its position in shares of AbbVie by 10.8% during the 4th quarter. Dogwood Wealth Management LLC now owns 473 shares of the company’s stock valued at $108,000 after acquiring an additional 46 shares during the last quarter. Finally, Quantum Private Wealth LLC lifted its position in shares of AbbVie by 2.0% during the 4th quarter. Quantum Private Wealth LLC now owns 2,376 shares of the company’s stock valued at $543,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.
AbbVie Trading Down 0.4%
Shares of NYSE:ABBV opened at $217.83 on Friday. AbbVie Inc. has a 1 year low of $181.73 and a 1 year high of $244.81. The business has a fifty day simple moving average of $208.43 and a 200 day simple moving average of $219.66. The firm has a market cap of $384.85 billion, a price-to-earnings ratio of 107.30, a P/E/G ratio of 0.75 and a beta of 0.32.
Insider Activity
In related news, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the sale, the senior vice president directly owned 2,654 shares in the company, valued at approximately $619,868.24. This trade represents a 66.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.06% of the company’s stock.
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: AbbVie received U.S. FDA approval for DECNUPAZ, its first ADC approved for blood cancer, opening a new potential revenue stream in a highly specialized oncology market. U.S. FDA Approves DECNUPAZTM (pivekimab sunirine-pvzy) for Treatment of Adult Patients with Blastic Plasmacytoid Dendritic Cell Neoplasm, an Ultra-Rare and Aggressive Blood Cancer With Limited Treatment Options
- Positive Sentiment: The European Commission expanded the VENCLYXTO label in untreated CLL, broadening use of an established oncology drug and potentially supporting international sales. AbbVie Announces European Commission Authorization of Expanded Label for VENCLYXTO® (venetoclax) to Include Additional Combinations in Previously Untreated Chronic Lymphocytic Leukemia
- Positive Sentiment: AbbVie advanced ABBV-519 into first-in-human testing, signaling continued momentum in its immunology pipeline. AbbVie Inc. (ABBV) Presents at EU Clinical Trial Regulation: Latest Developments and Upcoming Opportunities Transcript
- Neutral Sentiment: Recent articles note ABBV has outperformed since its last earnings report and remains viewed as reasonably valued by some analysts, but these are more commentary than fresh business catalysts. AbbVie (ABBV) Up 3.5% Since Last Earnings Report: Can It Continue?
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the company. Bank of America upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a report on Thursday, April 30th. Royal Bank Of Canada assumed coverage on AbbVie in a report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Barclays assumed coverage on AbbVie in a report on Thursday, February 19th. They issued an “overweight” rating and a $275.00 target price for the company. Wall Street Zen upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, UBS Group reduced their target price on AbbVie from $240.00 to $230.00 and set a “neutral” rating for the company in a report on Thursday, February 5th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $253.43.
Read Our Latest Research Report on ABBV
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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