William Blair analyst Matt Phipps has maintained their bullish stance on ABBV stock, giving a Buy rating today.
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Matt Phipps has given his Buy rating due to a combination of factors, primarily driven by the recent settlement that extends the exclusivity of AbbVie’s Rinvoq franchise until 2037. This extension provides a significant boost to the long-term prospects of Rinvoq, securing its market position and potentially increasing its sales beyond previous expectations.
Additionally, AbbVie’s ongoing clinical trials and regulatory updates for Rinvoq in various indications, such as alopecia areata and vitiligo, are expected to further enhance its market potential. With management’s optimistic sales guidance and the extended exclusivity, the outlook for Rinvoq and AbbVie’s overall financial performance appears robust, justifying the Buy rating.
According to TipRanks, Phipps is an analyst with an average return of -4.5% and a 40.69% success rate. Phipps covers the Healthcare sector, focusing on stocks such as Upstream Bio, Inc., Amgen, and Jasper Therapeutics.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $240.00 price target.