For biotech stock AbbVie (NYSE:ABBV), it should have been a big win. Yet, despite the news that it, along with Genmab (NASDAQ:GMAB), landed a big decision at the Food & Drug Administration (FDA), AbbVie shares still slipped fractionally in Monday afternoon’s trading.
The big win for AbbVie and Genmab came from epcoritamab, a drug designed to treat “relapsed or refractory follicular lymphoma.” It managed to land the “breakthrough therapy” designation at the FDA, and it also came away with a validated type 2 application from the European Medicines Agency. This makes it the second such validation it’s landed from the European Union, which puts it on track to hit the market eventually. Both AbbVie and Genmab hold the rights to the drug in both Japan and the United States, which should give it plenty of market to work with down the line.
A Timely Report for AbbVie
This news comes at an excellent time for AbbVie, which could actually use a shot in the arm right now. In fact, AbbVie recently took aim at several generic drug makers over its Rinvoq drug. The patents on Rinvoq should be in force for the next 10 years, reports note, but apparently, some generic makers are jumping the gun and AbbVie is pulling in all the legal muscle it can muster in response. That’s certainly good, as reports from Fierce Pharma note that AbbVie will likely count on Rinvoq to take some of the pressure off Humira, which is already seeing “biosimilars” making their play.
What is AbbVie’s Stock Price Prediction?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ABBV stock based on eight Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 9.36% loss in its share price over the past year, the average ABBV price target of $168.15 per share implies 21.91% upside potential.
