AbbVie's $11B Apogee Deal, EU Nod for Boey, and Sellas Bid Interest Fuel Rally
ABBV sits 39% above its 52-week low of $184.63.
Summary
AbbVie's late-June surge reflects a trio of positive developments. The $10.9B Apogee Therapeutics acquisition, announced June 22, strengthens its immunology pipeline. EU approval of Boey, a fast-acting botulinum toxin for frown lines, adds a new commercial asset with rapid onset data. Traders also flagged AbbVie as a potential bidder for Sellas Life Sciences, eyeing its late-stage AML program. Three analysts raised price targets, with BMO going to $300. The stock is trading near its 52-week high ahead of earnings.
At the time of this announcement, ABBV was trading at $256.94 on NYSE in the Life Sciences sector, with a market capitalization of approximately $449.6B. The 52-week trading range was $184.63 to $261.64. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.