Market Update: AbbVie Inc (NYSE:ABBV) – AbbVie Receives EMA Orphan Drug Designation for Investigational Compound Venetoclax for the Treatment of Acute Myeloid Leukemia (AML)

[PR Newswire] – NORTH CHICAGO, Ill., Feb. 26, 2016 /PRNewswire/ — AbbVie (ABBV), a global biopharmaceutical company, today announced the European Medicines Agency (EMA) has granted Orphan Drug Designation to venetoclax, an investigational, oral B-cell lymphoma-2 (BCL-2) inhibitor, for the treatment of acute myeloid leukemia (AML). AML can be a rapidly progressing cancer of the blood and bone marrow and is the most common type of acute leukemia in adults.1 Venetoclax is being developed by AbbVie in partnership with Genentech and Roche. Read more on this. AbbVie Inc. (ABBV) , valued at $90.49B, opened at $56.26. Looking at today’s market, ABBV one day range is $56.11 to $56.78 with a one year range of $45.45 to $71.60. ABBV shares are currently priced at 10.95x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s -4.37x forward p/e ratio. And for dividend hunters, the company pays shareholders $2.28 per share annually in dividends, yielding 4.12%. According to a consensus of 15 analysts, the earnings estimate of $1.13 per share would be $0.19 better than the year-ago quarter and a $0.00 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $5.03, which would be a $0.74 better when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $6.03 Billion. If realized, that would be a 19.64% increase over the year-ago quarter. Recently, Citigroup upgraded ABBV from Neutral to Buy (Feb 23, 2016). Previously, Morgan Stanley upgraded ABBV from Equal-Weight to Overweight. The average price target for ABBV shares is $72.63, which is 29.10% above where the stock opened this morning. See more in (NYSE:ABBV) Similar Articles: Stock Update: AbbVie Inc (NYSE:ABBV) – AbbVie’s Venetoclax Receives Breakthrough Therapy Designation from FDA in Combination with Rituximab for the Treatment of Patients with Relapsed/Refractory Chronic Lymphocytic Leukemia Stock Update: AbbVie Inc (NYSE:ABBV) – AbbVie Announces High Sustained Virologic Response Rates in Phase 2 Studies with Pan-genotypic, Investigational Regimen in Patients with Chronic Hepatitis C Company Update: AbbVie Inc (NYSE:ABBV) – AbbVie Announces Submission of a Supplemental New Drug Application for IMBRUVICA® (ibrutinib) for Treatment-Naive Chronic Lymphocytic Leukemia