At an R&D Day meeting today for the investment community, AbbVie Inc (NYSE:ABBV), a global biopharmaceutical company, will present an overview of its innovative pipeline that reinforcesAbbVie’s strategy of delivering new therapies that significantly advance and reset the standard of care. Many current therapies in oncology, immunology, virology, neuroscience and women’s health are insufficient in meeting the medical needs of patients. In addition, many of the diseases in these therapeutic areas are debilitating, life-threatening and cause a significant burden on healthcare systems around the world.
“Since becoming an independent company in 2013, AbbVie has developed a robust and diversified pipeline focused on diseases that have compelling medical needs,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “AbbVie’s R&D pipeline of more than 50 active clinical development programs has AbbVie poised to deliver a consistent stream of innovative new medicines for patients while driving long-term growth through 2020 and beyond.”
AbbVie’s late-stage pipeline consists of multiple assets, both approved and investigational, that have generated data to-date demonstrating the potential to improve the standard of care. Over the next five years, AbbVie intends to advance the treatment of patients with cancer, multiple sclerosis, rheumatoid arthritis, Crohn’s disease, psoriasis, HCV, endometriosis and uterine fibroids.
As part of AbbVie’s R&D Day program, the company will present information on the following late-stage programs: Rova-T* (rovalpituzumab tesirine), IMBRUVICA® (ibrutinib), VENCLEXTA™ (venetoclax), ABT-494*, Risankizumab* (BI655066), next-generation HCV treatments (ABT-493* + ABT-530*), endometriosis and uterine fibroids (Elagolix*) and ZINBRYTA™(daclizumab). Additional information regarding Veliparib* and ABT-414* also will be included in the R&D Day program.
“AbbVie’s late-stage pipeline has the potential to deliver more than 20 new medicines or indications by 2020, with the approval of seven new medicines or indications expected in 2016,” said Michael Severino, M.D., executive vice president, research & development and chief scientific officer. “These new medicines, combined with our early-stage clinical programs, have the potential to address medical need, elevate the standard of care and improve patient outcomes.”
AbbVie’s early-stage pipeline leverages the company’s investments in early discovery, genomics, novel biology and enabling technologies that drive AbbVie’s focus on identifying new therapies that can reset the standard of care in oncology, immunology and neuroscience. AbbVie’s goal with these programs is to drive deep and durable disease control that improves patients’ outcomes and significantly reduces the burden on the healthcare system.
Early-stage pipeline presentations will focus on immunology, oncology, immuno-oncology, multiple sclerosis and spinal cord injury (ABT-555*), Alzheimer’s disease, and enabling technologies such as bispecifics (biological therapies that bind to two different targets with the goal of enhanced effectiveness in treating diseased tissues).(Original Source)
Shares of AbbVie closed yesterday at $65.09, up $2.26 or 3.60%. ABBV has a 1-year high of $71.60 and a 1-year low of $45.45. The stock’s 50-day moving average is $61.42 and its 200-day moving average is $57.41.
On the ratings front, AbbVie has been the subject of a number of recent research reports. In a report issued on May 17, Deutsche Bank analyst Gregg Gilbert maintained a Hold rating on ABBV, with a price target of $66, which represents a slight upside potential from current levels. Separately, on the same day, Credit Suisse’s Vamil Divan reiterated a Buy rating on the stock and has a price target of $67.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregg Gilbert and Vamil Divan have a total average return of -3.6% and 17.4% respectively. Gilbert has a success rate of 44.0% and is ranked #3436 out of 3896 analysts, while Divan has a success rate of 66.7% and is ranked #189.
Overall, one research analyst has rated the stock with a Sell rating, one research analyst has assigned a Hold rating and 7 research analysts have given a Buy rating for the stock. When considering if perhaps the stock is under or overvalued, the average price target is $74.50 which is 14.5% above where the stock closed yesterday.