AbbVie (NYSE:ABBV) Trading Down 2.8% – Should You Sell?

AbbVie Inc. (NYSE:ABBV)’s stock price was down 2.8% during mid-day trading on Monday . The company traded as low as $220.00 and last traded at $221.4180. Approximately 5,178,061 shares were traded during trading, a decline of 23% from the average daily volume of 6,740,016 shares. The stock had previously closed at $227.73.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ABBV shares. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, June 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Piper Sandler lifted their target price on AbbVie from $294.00 to $298.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Morgan Stanley lifted their target price on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 target price on shares of AbbVie in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $253.43.

AbbVie Trading Down 2.8%

The firm has a market cap of $391.20 billion, a price-to-earnings ratio of 109.07, a price-to-earnings-growth ratio of 0.70 and a beta of 0.32. The stock has a 50-day moving average of $211.05 and a two-hundred day moving average of $219.00.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter last year, the company posted $2.46 EPS. AbbVie’s revenue for the quarter was up 12.4% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

Institutional Investors Weigh In On AbbVie

Institutional investors have recently bought and sold shares of the business. Chelsea Counsel Co. acquired a new stake in AbbVie during the 3rd quarter worth about $26,000. Litman Gregory Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $28,000. Imprint Wealth LLC boosted its position in AbbVie by 56.3% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $29,000. Finally, IFC & Insurance Marketing Inc. acquired a new stake in AbbVie during the 4th quarter worth about $31,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

About AbbVie

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.