Why AbbVie Stock Was Getting Mashed on Monday
Disappointing news from the laboratory weighed on (NYSE: ABBV) stock as the trading week kicked off. The company had high hopes for a schizophrenia drug it was developing; however, it did not do well in recent testing. On the company's latest readout, investors were aggressively trading out of the shares, leaving them with a 12% decline in late-afternoon trading.
Just before the market open on Monday, AbbVie revealed that its emraclidine schizophrenia treatment did not meet its primary endpoint in a phase 2 trial. It failed to show a statistically significant reduction in the benchmark Positive and Negative Syndrome Scale (PANSS) compared to a placebo.
The company said, perhaps understating the case, that it is disappointed by the results. It pledged to continue analyzing the data from the trial to determine the next steps with emraclidine. Often, such results put an end to a drug's development.
Source Fool.com
AbbVie Inc. Stock
With 36 Buy predictions and not a single Sell prediction AbbVie Inc. is an absolute favorite of our community.
With a target price of 208 € there is a slightly positive potential of 5.91% for AbbVie Inc. compared to the current price of 196.4 €.
