AbbVie’s (ABBV) – Get AbbVie, Inc. Report selloff was overdone after a Sept. 1 setback for its star immunology drug Rinvoq, and the stock remains undervalued, says BMO analyst Gary Nachman.
He has an outperform rating and a $133 price target. The stock recently traded at $106.61, down 0.81%, and has dropped 12% since Aug. 31.
On Sept. 1, the Food and Drug Administration mandated new heart safety and cancer warnings for Rinvoq and other companies’ JAK inhibitor class of medicines.
“Physicians agreed Rinvoq is still likely to get approved....More>>>