JPMorgan trims AbbVie target, removes from Analyst Focus List

JPMorgan lowered the firm’s price target on AbbVie (ABBV) to $200 from $210 and keeps an Overweight rating on the shares. While the emraclidine Phase 2 data “was certainly disappointing,” removing the drug from the model has a relatively modest impact on sales estimates, the analyst tells investors in a research note. The firm believes AbbVie is still well positioned with no major loss of exclusivities until the 2030s, a number of growth drivers highlighted by Skyrizi and Rinvo, and balance sheet capacity for additional business development to address growth in the 2030s. However, JPMorgan removed AbbVie from its Analyst Focus List following the negative emraclidine readout.