William Blair analyst Matt Phipps has maintained their bullish stance on ABBV stock, giving a Buy rating on June 20.
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Matt Phipps’s rating is based on AbbVie’s strategic acquisition of Capstan Therapeutics, which adds a high-risk, high-reward asset to its immunology pipeline. The acquisition includes Capstan’s lead asset, CPTX2309, a potential first-in-class therapy for B-cell mediated autoimmune diseases. Although still in early clinical development, CPTX2309 has shown promising preliminary results in achieving rapid and robust B-cell depletion, indicating its potential efficacy.
Additionally, the acquisition aligns with a broader industry trend towards immune reprogramming strategies, which could enhance AbbVie’s position in the market. The in vivo CAR-T therapy, which CPTX2309 represents, offers significant long-term upside due to its potential for greater manufacturing scalability and the elimination of the need for lymphodepletion. This strategic move by AbbVie is seen as a positive step towards strengthening its immunology franchise through innovative, disease-modifying mechanisms.
In another report released on June 20, Wells Fargo also assigned a Buy rating to the stock with a $240.00 price target.