Company Update (NYSE:ABBV): MD Anderson, AbbVie Connect to Advance Cancer Immunotherapy

[PR Newswire] – HOUSTON and NORTH CHICAGO, Ill., Jan. 21, 2016 /PRNewswire/ — The immunotherapy platform at The University of Texas MD Anderson Cancer Center and the global biopharmaceutical company AbbVie (ABBV) will join forces to find new ways to unleash the immune system’s potential to fight cancer. The three-year collaboration agreement provides a framework for MD Anderson and AbbVie to efficiently choose and carry out preclinical and clinical studies evaluating new ideas in the cutting-edge area of immuno-oncology. “AbbVie has both identified new molecules and developed novel technology to hit key targets, with the objective of designing new immunotherapy for the benefit of patients,” said Padmanee Sharma, M.D., Ph.D., immunotherapy platform scientific director and professor of Genitourinary Medical Oncology and Immunology at MD Anderson. Read more on this. AbbVie Inc. (ABBV) , valued at $94.57B, started trading this morning at $57.29. During today’s session, ABBV traded between $56.92 to $58.61 and has traded between $45.45 and $71.60 over the past year. AbbVie (ABBV) shares are currently priced at 13.32x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -2.14x earnings multiple for the same period. The company pays shareholders $2.28 per share in dividend income per year, for a current yield of 4.15%. In a review of the consensus earnings estimate this quarter, 16 sell-side analysts are looking at $1.12 per share, which would be $0.23 better than the year-ago quarter and a $0.01 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $4.29, which would be a $0.97 improvement when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $6.39 Billion. If reported, that would be a 18.99% increase over the year-ago quarter. In terms of ratings, Morgan Stanley upgraded ABBV from Equal-Weight to Overweight (Nov 2, 2015). Previously, Citigroup upgraded ABBV from Sell to Neutral. When considering if perhaps the stock is under or overvalued, the average price target is $73.13, which is 27.65% above where the stock opened this morning. See more in (NYSE:ABBV) Similar Articles: Company Update: AbbVie Inc (NYSE:ABBV) – FDA warns of serious liver injury risk with Abbvie hep C drugs Company Update: AbbVie Inc (NYSE:ABBV) – AbbVie Announces Plans to Proceed to Phase 3 Evaluation of Elagolix in Patients with Uterine Fibroids Company Update: AbbVie Inc (NYSE:ABBV) – AbbVie, Bristol-Myers get FDA nod for hep C treatments
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