Why This Beaten-Down Dividend Stock Is a No-Brainer Buy on the Dip
Pharmaceutical giant AbbVie (NYSE:ABBV) has suffered a meltdown over the past week, with shares losing 15% of their value.
Investors who own ABBV stock may stay invested as the company has faced its biggest challenge quite well and looks set to return to robust growth next year.
The drugmaker has convincingly laid to rest the biggest threat to its top line.
The Investment Committee reveals their final trades for today.
These companies have solid businesses and excellent dividend growth track records.
Aldeyra received an FDA CRL for reproxalap, necessitating an additional study for DED approval. AbbVie entered an option agreement with Aldeyra, potentially licensing reproxalap for global markets. Aldeyra conducted a Phase 3 trial, where reproxalap met its primary endpoint in DED patients.
On Monday, AbbVie Inc ABBV stock plunged after two trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia failed two Phase 2 trials.
Recent trial failures over at pharma giant AbbVie Inc have created a window of opportunity for competitor Bristol-Myers Squibb Co (NYSE:BMY, ETR:RM, OTC:BMYMP), is analysts at UBS are to be believed. AbbVie stock took a $38 billion hit on Monday after the company revealed that Phase 2 trials of its emraclidine schizophrenia treatment have failed to meet their primary endpoint objectives.
ABBV stock tumbles 13% after two mid-stage schizophrenia studies on emraclidine fail to meet their primary endpoint. BMY stock rises.
AbbVie's “pain” is Bristol Myers Squibb's “gain,” says Truist Securities analyst Srikripa Devarakonda.
AbbVie stock (NYSE: ABBV) was down 12% on Monday, November 11, after the company announced that two mid-stage clinical trials of its drug Emraclidine to treat schizophrenia failed to meet their primary goal. [1] Emraclidine was developed by Cerevel Therapeutics, which AbbVie acquired for around $9 billion earlier this year.