Parallel Advisors LLC Trims Stake in AbbVie Inc. $ABBV

Parallel Advisors LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor 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 also recently added to or reduced their stakes in ABBV. Brighton Jones LLC grew its position in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC grew its position in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares in the last quarter. Schnieders Capital Management LLC. grew its position in AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock worth $3,056,000 after acquiring an additional 789 shares in the last quarter. Ieq Capital LLC grew its position in AbbVie by 4.6% in the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock worth $22,281,000 after acquiring an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its position in AbbVie by 117.3% in the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock worth $210,685,000 after acquiring an additional 612,702 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ABBV shares. Guggenheim reiterated a “buy” rating and issued a $249.00 target price on shares of AbbVie in a research report on Friday, May 1st. Evercore set a $235.00 target price on shares of AbbVie in a research report on Friday, May 15th. Royal Bank Of Canada started coverage on shares of AbbVie in a research report on Tuesday, February 24th. They issued an “outperform” rating and a $260.00 target price for the company. Bank of America upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price for the company in a research report on Thursday, April 30th. Finally, Piper Sandler boosted their price target on shares of AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $253.43.

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

AbbVie Stock Up 3.5%

AbbVie stock opened at $224.81 on Friday. The company 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. The firm has a fifty day simple moving average of $209.43 and a two-hundred day simple moving average of $219.30. AbbVie Inc. has a twelve month low of $181.73 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 earnings per share. As a group, equities 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.