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AbbVie (ABBV) Stock Up Almost 17% in One Month: Here's Why
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AbbVie Inc. (ABBV - Free Report) shares have gained an impressive 16.7% in the past month, comparing favorably with a gain of 4.5% recorded by the industry.
The share price surge was supported by a series of positive news for the company in the past few weeks.
Last week, AbbVie announced the resolution of its ongoing patent dispute with Amgen Inc. (AMGN - Free Report) , which has delayed the launch of the latter’s biosimilar version of AbbVie’s blockbuster arthritis drug, Humira to 2023. Per the settlement, AbbVie will grant a non-exclusive license to Amgen, which will allow the latter to sell Amjevita in the United States from Jan 31, 2023 and in most countries in the EU from Oct 16, 2018 and in other markets on different dates.
Against the license, Amgen will pay AbbVie pre-specified royalties. This agreement has removed a major overhang on AbbVie’s shares though the company is still facing a patent challenge from Boehringer Ingelheim, which gained approval for its biosimilar version of Humira, Cyltezo, in August. Moreover, the agreement gives AbbVie ample time to focus on developing its pipeline and launching new products that will help make up for the loss of revenues once biosimilar Humira enters the market.
Secondly, AbbVie’s 8-week, pan-genotypic, ribavirin-free, once-daily HCV treatment, Mavyret/Maviret, gained approval in the United States, EU and Canada in the past couple of months. Mavyret, AbbVie’s next-generation HCV program, is a combination of glecaprevir, a potent protease inhibitor and pibrentasvir, a NS5A inhibitor. Maviret has the potential to rejuvenate growth in the HCV franchise. According to AbbVie, Mavyret may be used in up to 95% of HCV patients, depending on the stage of liver disease and prior treatment history.
AbbVie announced positive data from the phase III MURANO study of Venclexta plus Rituxan in relapse/refractory CLL last month. The data showed that Venclexta plus Roche’s (RHHBY - Free Report) Rituxan met the primary endpoint of prolonged progression-free survival compared with Treanda (bendamustine) plus Rituxan in patients with relapsed/refractory chronic lymphocytic leukemia (“CLL”). Label expansion for this indication should expand the patient population for Venclexta significantly and boost its commercial potential.
AbbVie also announced a collaboration with Bristol-Myers Squibb (BMY - Free Report) for evaluating a combination of its investigational antibody drug conjugate ABBV-399 and Bristol-Myers's immunotherapy Opdivo in c-met overexpressing non-small cell lung cancer (NSCLC).
Lastly, AbbVie’s oral JAK-1 selective inhibitor, upadacitinib (ABT-494) met primary endpoints in a phase III study for the treatment of RA with highly statistically significant and clinically meaningful results for both the doses (15 mg and 30 mg) of upadacitinib compared to placebo. Upadacitinib also met primary endpoints in a phase IIb study for the treatment of adult patients with atopic dermatitis, also known as eczema. The company plans to advance the candidate into phase III studies next year. Data from both the upadacitinib studies were announced last month.
In fact, so far this year, AbbVie’s share price has increased 43.5%, also comparing favorably with a gain of 17.7% for the industry.
Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
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AbbVie (ABBV) Stock Up Almost 17% in One Month: Here's Why
AbbVie Inc. (ABBV - Free Report) shares have gained an impressive 16.7% in the past month, comparing favorably with a gain of 4.5% recorded by the industry.
The share price surge was supported by a series of positive news for the company in the past few weeks.
Last week, AbbVie announced the resolution of its ongoing patent dispute with Amgen Inc. (AMGN - Free Report) , which has delayed the launch of the latter’s biosimilar version of AbbVie’s blockbuster arthritis drug, Humira to 2023. Per the settlement, AbbVie will grant a non-exclusive license to Amgen, which will allow the latter to sell Amjevita in the United States from Jan 31, 2023 and in most countries in the EU from Oct 16, 2018 and in other markets on different dates.
Against the license, Amgen will pay AbbVie pre-specified royalties. This agreement has removed a major overhang on AbbVie’s shares though the company is still facing a patent challenge from Boehringer Ingelheim, which gained approval for its biosimilar version of Humira, Cyltezo, in August. Moreover, the agreement gives AbbVie ample time to focus on developing its pipeline and launching new products that will help make up for the loss of revenues once biosimilar Humira enters the market.
Secondly, AbbVie’s 8-week, pan-genotypic, ribavirin-free, once-daily HCV treatment, Mavyret/Maviret, gained approval in the United States, EU and Canada in the past couple of months. Mavyret, AbbVie’s next-generation HCV program, is a combination of glecaprevir, a potent protease inhibitor and pibrentasvir, a NS5A inhibitor. Maviret has the potential to rejuvenate growth in the HCV franchise. According to AbbVie, Mavyret may be used in up to 95% of HCV patients, depending on the stage of liver disease and prior treatment history.
AbbVie announced positive data from the phase III MURANO study of Venclexta plus Rituxan in relapse/refractory CLL last month. The data showed that Venclexta plus Roche’s (RHHBY - Free Report) Rituxan met the primary endpoint of prolonged progression-free survival compared with Treanda (bendamustine) plus Rituxan in patients with relapsed/refractory chronic lymphocytic leukemia (“CLL”). Label expansion for this indication should expand the patient population for Venclexta significantly and boost its commercial potential.
AbbVie also announced a collaboration with Bristol-Myers Squibb (BMY - Free Report) for evaluating a combination of its investigational antibody drug conjugate ABBV-399 and Bristol-Myers's immunotherapy Opdivo in c-met overexpressing non-small cell lung cancer (NSCLC).
Lastly, AbbVie’s oral JAK-1 selective inhibitor, upadacitinib (ABT-494) met primary endpoints in a phase III study for the treatment of RA with highly statistically significant and clinically meaningful results for both the doses (15 mg and 30 mg) of upadacitinib compared to placebo. Upadacitinib also met primary endpoints in a phase IIb study for the treatment of adult patients with atopic dermatitis, also known as eczema. The company plans to advance the candidate into phase III studies next year. Data from both the upadacitinib studies were announced last month.
In fact, so far this year, AbbVie’s share price has increased 43.5%, also comparing favorably with a gain of 17.7% for the industry.
AbbVie carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
4 Stocks to Watch after the Massive Equifax Hack
Cybersecurity stocks spiked on recent news of a data breach affecting 143 million Americans. But which stocks are the best buy candidates right now? And what does the future hold for the cybersecurity industry?
Equifax is just the most recent victim. Computer hacking and identity theft are more common than ever. Zacks has just released Cybersecurity! An Investor’s Guide to inform Zacks.com readers about this $170 billion/year space. More importantly, it highlights 4 cybersecurity picks with strong profit potential.
Get the new Investing Guide now>>