Movement Alert｜AbbVie Falls 3.25% in Pre-Market Trading, Pullback Comes Despite Fresh Analyst Price-Target Increases Ahead of Earnings

Market Focus10-22 21:17

On October 22, AbbVie fell 3.25% in Pre-Market Trading, trading at $277.39 per share with turnover of $47.81 million.

The most recent identifiable catalyst was a fresh analyst target increase: Goldman Sachs raised its price target on AbbVie to $294 from $258, following Barclays a day earlier lifting its target to $325 from $300. Consensus tracked by FactSet remained at an overweight-equivalent stance, with the mean target cited around $286.38.

Recent company developments have also been broadly constructive, including Canada-related progress for Elahere in ovarian cancer and Health Canada approval for pediatric psoriasis use of Skyrizi. Even so, with AbbVie scheduled to report quarterly results on October 30 and expected EPS of $3.76, the pre-market fall suggests investors were not using target-price revisions alone as a reason to bid shares higher.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment