AbbVie snaps eight straight sessions of losses

AbbVie (NYSE:ABBV) shares snapped eight consecutive sessions of losses as the stock closed up 0.78% at $166.28.

The North Chicago-based pharmaceutical company’s shares declined about 18% in the preceding eighth sessions.

Earlier on November 11, AbbVie shares dropped nearly 11% after its schizophrenia drug emeraldine failed in late-stage trials.

The stock has gained nearly 6.5% so far this year, compared to over 23% rise in the broader S&P 500 Index.

Looking at Seeking Alpha’s Quant Rating, ABBV has a Hold rating with a score of 3.36 out of 5. The company received A+ in the prospect of profitability, while it got a D in valuation and F in growth factor.

When it comes to Wall Street analysis, 12 out of 39 analysts recommend a Strong Buy, 9 recommend a Buy and 9 recommend it as a Hold.

Seeking Alpha analyst Bradley Guichard said AbbVie’s newest hit drugs are forecast to exceed Humira peak sales soon.

“2027 sales estimates represent a terrific 69% increase over this year’s forecast. Rinvoq and Skyrizi gained many new treatment approvals over the past few years, and AbbVie expects more to come. This will drive revenue and cash flow well into the next decade,” Guichard added.

Seeking Alpha analysts are bullish and have a Buy rating on the company.