Healthcare major Abbvie (NYSE:ABBV) has posted promising results from a Phase 3 trial evaluating atogepant (Qulipta) for the treatment of episodic migraine in patients with failed two to four oral medications.
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In the study, patients on a once-daily regime of Qulipta witnessed a decline of 4.2 days in mean monthly migraine days. In comparison, patients on a placebo saw only a 1.85-day reduction.
Importantly, the trial met all of its primary and secondary endpoints and the company now plans to seek regulatory submissions for Qulipta in international markets throughout 2023. The drug has already received approval in the U.S. for the prevention of episodic as well as chronic migraine.
Overall, the Street has a $163.69 consensus price target on AbbVie, implying the stock may be fairly priced at the current level.
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