Today, pharmaceutical company AbbVie (NYSE:ABBV) announced positive results from a Phase 2 clinical trial for its cancer drug. AbbVie shares edged marginally higher in Wednesday’s trading session.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Indeed, the drug Teliso-V is used in the treatment of patients with non-small cell lung cancer. The company said data from the last trial reveals a “compelling” overall response rate of 35% in patients with c-Met High and 23% in those with c-Met intermediate.
The drug could be the first of its kind to be approved by the FDA if all goes according to plan. Following the recent result, the Chicago-based company said it would undertake a confirmatory trial for the drug. In the meantime, AbbVie plans to meet and discuss with global regulators regarding the possibility of accelerated approval for the drug.
Telios is one of two drugs under development at AbbVie for non-small cell lung cancers. The other therapy, Livmoniplimab, is currently in Phase 1 clinical trial stages.
Is ABBV Stock a Buy or Sell?
With eight Buys and five Holds, ABBV stock has a Moderate Buy consensus rating on TipRanks. After a 11.09% drop in its share prices this year, the average AbbVie price target of $168.15 implies 20.95% upside potential from current levels.
