An interesting stock that came up in some of our conversations today is AbbVie Inc. (NYSE:ABBV). At current price of $69.11, the shares have already lost -2.13 points (-2.98% lower) from its previous close of $71.24. Should you buy or avoid them? The stock sets an active trading volume day with a reported 5046961 contracts so far this session. ABBV shares had a relatively better volume day versus average trading capacity of 8.67 million shares, but with a 1.48 billion float and a -4.96% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ABBV stock indicates that the average analyst price target is $86.21 per share. This means the stock has a potential increase of 24.74% from where the ABBV share price has been trading recently which is between $69.85 and $72.4. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $73.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “FDA Accepts Neurocrine’s NDA for Parkinson’s Disease Drug” and dated July 11, 2019.
During the recent trading session for AbbVie Inc. (NYSE:ABBV), the company witnessed their stock drop by $-3.86 over a week and tumble down $-9.82 from the price 20 days ago. When compared to their established 52-week high of $100.23, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/20/18. The recent low of $65.06 stood for a -31.04% since 06/25/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.95 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for AbbVie Inc., the two-week RSI stands at 35.7. This figure suggests that ABBV stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current ABBV readings is similarly very revealing as it has a stochastic reading of 39.41% at this stage. This figure means that ABBV share price today is being neutral.
Technical chart claims that AbbVie Inc. (ABBV) would settle between $72.48/share to $73.71/share level. However, if the stock price goes below the $69.93 mark, then the market for AbbVie Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $68.61 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -1.56. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Wolfe Research raised their recommendation on shares of ABBV from Underperform to Peer Perform in their opinion released on June 27. SVB Leerink analysts bumped their rating on AbbVie Inc. (NYSE:ABBV) stock from Mkt Perform to Outperform in a separate flash note issued to investors on June 26. Analysts at Goldman, made their first call for the equity with a Neutral recommendation, according to a research note that dated back to May 28.
ABBV equity has an average rating of 2.5, with the figure leaning towards a bullish end. 14 analysts who tracked the company were contacted by Reuters. Amongst them, 9 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated AbbVie Inc. (NYSE:ABBV) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, ABBV stock price is currently trading at 7.55X forward 12-month Consensus EPS estimates, and its P/S ratio is 3.24 while for the average stock in the same group, the multiple is 10.08. AbbVie Inc. current P/E ratio of 20.26 means it is trading at a discount against its industry’s 30.34. In the past 5 years, this ratio for the stock has been fluctuating between 17.24 and 59.39.
AbbVie Inc. (ABBV)’s current-quarter revenues are projected to climb by nearly -2.27% to hit $8.09 billion, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 0.11% from $32.75 billion to a noteworthy $32.79 billion. At the other end of the current quarter income statement, AbbVie Inc. is expected to see its adjusted earnings surge by roughly 10.5% to hit $2.21 per share. For the fiscal year, ABBV’s earnings are projected to climb by roughly 11% to hit $8.78 per share.