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AbbVie is nearing record levels set to new record high
AbbVie is a company originally a spin-off of the Abbott Laboratories, and it focuses on bio pharmacy.
AbbVie's stock has plummeted in 2018 right after setting its high record of $123.21 per share. After this was a downward spiral. Now that the stock was able to bounce back after the completion of their acquisition of Allergan.
The stock has grown by almost double of its lowest point for the last four years, and their most recent earnings report showed stellar performance. AbbVie was able to topple the expectations of analysts for their earnings per share and sales revenue.
Now that things are developing in the company's favour, they announced that the they plan to proceed on developing the next gen version of Adulhelm, a drug specifically designed for Alzheimer. Adulhelm is a drug developed by Biogen that have gained recognition as a possible cure for Alzheimer's last July.
It focuses on removal of beta amyloid to improve a patient's cognition. Although it was approved, there is still opposition present against the drug, hence, AbbVie announced that they would develop something to be used against Alzheimer's while minimizing the risks involved. They plan to get this started later this year or next year.
With that being said, AbbVie stock is very bullish at the moment. This is not just because of the current trend but because analysts believe that the stock has more room for growth specially if the comparison is the growth rate of the index where it belonged.
S&P 500 has grown 35% from the 2019 values, which was considerably their lowest point, while AbbVuie has only grown 33% from that same reference date.
Analysts believe that the AbbVie stock's movement is in-line with the movements of S&P, hence they are very bullish on the stocks' value and room for growth even when the anticipated sales growth and earnings per share would be lower on the next few quarters.
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