NORTH CHICAGO, Ill. — AbbVie (ABBV, Financial) share snapped its six-day losing streak, closing up 0.88% at $194.70 on Wednesday, Oct. 9. The Illinois-based pharmaceutical giant's recovery comes as a relief, marked by a sluggish week so far with a 1% drop in value.
AbbVie's stock remains strong overall, though, gaining upwards of 25% year-to-date, beating the S&P 500's 21.43% gain. However, the company has witnessed a 3% decline over the past month, mainly due to its revised 2024 earnings forecast. Last week, AbbVie lowered its guidance, citing substantially higher R&D and acquisition-related expenses, likely to reduce Q3 earnings by 4 cents per share.
Adding to its woes, though, AbbVie withdrew its hepatitis C drug, Exviera, from the European Union market for commercial issues. Despite these setbacks, though, Wednesday's trading performance points to a potential rebound as AbbVie looks to navigate financial adjustments and market shortcomings efficiently. Notably, according to GuruFocus's patented GF Value indicator, the stock is trading considerably above the estimated $154.10, though slightly below the average Wall Street price target of $199.49.
