AbbVie snaps six days of losses, trades in the green

AbbVie (NYSE:ABBV) shares snapped six straight sessions of losses, as the stock closed 0.88% higher, at $194.70 on Wednesday.

The Illinois-based pharmaceutical company lost 2.01% in the preceding six trading sessions. The stock has gained more than 24% so far this year, compared to over 20% rise in the broader S&P 500 Index.

ABBV is down 3% over the past one month. The stock closed 0.31% lower on Tuesday, at $193.01.

Last week has been rough for AbbVie (ABBV) after it lowered its 2024 earnings forecast due to the impact of certain R&D and acquisition-related expenses it expects to record in the third quarter. The drugmaker said its Q3 GAAP and non-GAAP earnings will be reduced by $0.04 per share.

AbbVie (ABBV) also withdrew its hepatitis C drug Exviera from the European Union market last week for commercial reasons.

Despite these challenges, Seeking Alpha’s Quant rating is positive regarding the stock, and considers it a HOLD, with a score of 3.25.

Among the Wall Street community, 19 out of 27 analysts recommend BUY and above, 8 recommend HOLD, while none recommend to sell.

Seeking Alpha analysts are also bullish on the stock and have rated it as a BUY.

Analyst Saira Quraishi believes that AbbVie presents a strong long-term investment opportunity, driven by its focus on neuroscience and IBD treatments.

“Despite high debt levels, AbbVie’s strong cash flow, robust pipeline, and strategic acquisitions make it an attractive pick for income and growth-focused investors,” Quraishi added.