AbbVie (ABBV) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
It's been a great couple of years for the stock market. From the end of 2022 through Nov. 29, the benchmark S&P 500 (^GSPC 0.24%) index rose a whopping 57.1% higher.
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AbbVie (ABBV) reported earnings 30 days ago. What's next for the stock?
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Investors looking for a way to pump up their passive income streams want to turn their attention toward the pharmaceutical industry. From the end of 2022 through Nov. 22, the benchmark S&P 500 index rose by a stunning 55.5%, but many of its drug-selling components haven't participated in the rally.
AbbVie's stock dropped 17.3% due to Emraclidine's phase 2 trial failure, but management is expected to replace Humira revenues and grow the top line. Skyrizi and Rinvoq are projected to surpass Humira's peak revenues by 2027, indicating strong future growth in the immunology segment. Oncology and neuroscience segments show promise with acquisitions like ImmunoGen and Aliada, despite setbacks in schizophrenia drug development.
Leerink Partners upgrades its rating on ABBV stock from Market Perform to Outperform.
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Companies with high dividend yields are relatively uncommon in this market.
Earlier this month, the S&P 500 hit a record high of more than 6,000 for the first time ever. Based on that, you might assume that stocks may be too expensive to buy right now as the average stock in the index is trading at more than 25 times earnings.