AbbVie (ABBV) has presented integrated data from two Phase 3 clinical trials, KEEPsAKE 1 and KEEPsAKE 2. These studies are designed to evaluate the efficacy and safety of risankizumab (SKYRIZI) in adult patients with active psoriatic arthritis (PsA).
The data demonstrated by the biopharmaceutical company showed that 24-weeks of treatment with risankizumab resulted in substantial improvements in PsA signs and symptoms compared with placebo with no new safety signals, the company said.
Notably, in the U.S. or the EU, the use of risankizumab in psoriatic arthritis is not approved, and its safety and efficacy are under review by the respective regulatory authorities.
Recently, the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) put forward a positive opinion recommending the approval of risankizumab for the treatment of active psoriatic arthritis.
The CSO of AbbVie, Thomas Hudson, said, “Psoriatic arthritis is a chronic, progressive and debilitating disease. These results support the potential of risankizumab to help improve joint and skin symptoms for people living with this disease and assist more people in their pursuit of reaching their treatment goals.” (See AbbVie stock charts on TipRanks)
Wall Street’s Take
Recently, BMO Capital analyst Gary Nachman reiterated a Buy rating on the stock and lifted the price target to $134 (14.35% upside potential) from $133.
Nachman said, “3Q delivered solid results and showed benefits of improved diversification with good upside in Immunology, Aesthetics, and Neuro more-than-offsetting misses in Hem/Onc and Other, while lower spend helped drive better profitability and higher EPS guidance. ABBV expressed confidence in Rinvoq situation, and raising 2022 dividend 8.5% supports optimistic LT outlook. Pipeline execution has been strong with recent Qulipta/Vuity approvals, and positive Ph3 data for ABBV-951 and Vraylar MDD, which should help drive multiple expansion.”
Consensus among analysts is a Strong Buy based on 8 Buys versus 1 Hold. The average AbbVie price target of $130.56 implies 11.42% upside potential from current levels. Shares have gained 23.2% over the past year.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on AbbVie, compared to a sector average of 69%.