Leerink Partners analyst David Risinger has reiterated their bullish stance on ABBV stock, giving a Buy rating on March 3.
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David Risinger has given his Buy rating due to a combination of factors including AbbVie’s strategic move into the obesity treatment market through a licensing agreement with GUBRA. This partnership involves the co-development of GUBamy, a promising dual amylin/calcitonin receptor agonist, which has shown potential in early trials to achieve significant weight loss. The interim data from the Phase 1 trial is expected in the first half of 2025, which could further validate the efficacy of GUBamy.
Additionally, the financial terms of the deal are favorable for AbbVie, with GUBRA receiving an upfront payment and potential milestone payments, while AbbVie will lead the global development and commercialization efforts. This strategic initiative is expected to enhance AbbVie’s growth prospects and aligns with its long-term objectives, reinforcing the Buy rating on AbbVie’s shares.
In another report released on March 3, BMO Capital also maintained a Buy rating on the stock with a $215.00 price target.
ABBV’s price has also changed slightly for the past six months – from $197.690 to $211.480, which is a 6.98% increase.