AbbVie (ABBV – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Terence Flynn from Morgan Stanley maintained a Buy rating on the stock and has a $239.00 price target.
Terence Flynn has given his Buy rating due to a combination of factors including AbbVie’s strategic entry into the obesity treatment market through its in-licensing of Gubra’s amylin analogue, GUBamy. The interim Phase 1 data for GUBamy indicates competitive efficacy in weight loss, which is promising when compared to other injectable treatments in the market.
Furthermore, the safety profile of GUBamy appears favorable, with mild and dose-dependent adverse events, primarily gastrointestinal in nature. The potential for co-formulation with other anti-obesity drugs enhances its attractiveness. These factors, coupled with the ongoing development and potential market impact, contribute to Flynn’s positive outlook on AbbVie’s stock.
Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABBV in relation to earlier this year.