Shares of AbbVie (ABBV) rose 1.2% to close at $109.67 on Thursday after the biopharmaceutical company study revealed the results of the Phase 3 study of ABBV-951, an investigational therapy.
The results showed that continuous, subcutaneous infusion of ABBV-951 met its primary endpoint. (See Insiders’ Hot Stocks on TipRanks)
Notably, the study compared the efficacy, safety and tolerability profile of ABBV-951 (foslevodopa/foscarbidopa) to oral levodopa/carbidopa in advanced Parkinson’s disease (PD) patients. It is being investigated for patients whose motor symptoms are not controlled by oral medications.
According to the company, patients who received daily ABBV-951 showed statistically significant increases in hours of “On” time without troublesome dyskinesia (involuntary movements), which can impact daily activities, compared to oral LD/CD. Globally, more than 10 million people are suffering from this disease.
VC of AbbVie, Michael Severino, said, “Parkinson’s disease is a progressive, irreversible neurological disease with debilitating symptoms that can make daily life challenging. We’re committed to addressing the continued needs of patients and are encouraged by these results that highlight a potential alternative treatment option for those affected by advanced Parkinson’s disease.”
Wall Street’s Take
On October 14, Mizuho Securities analyst Vamil Divan reiterated a Buy rating on the stock, with a price target of $131 (19.45% upside potential).
Divan expects “a solid quarter, with focus to remain on key growth drivers such as Humira, Imbruvica, and Rinvoq, and the health of the aesthetics business through the pandemic.”
Consensus among analysts is a Strong Buy based on 10 Buys versus two Holds. The average AbbVie price target of $129.58 implies 18.2% upside potential from current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on AbbVie, compared to a sector average of 70%.
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