On July 28, AbbVie rose 3.06% in regular trading, trading at $266.415/share, with turnover of $2.76 billion. The move was catalyzed by Barclays raising its target price on AbbVie from $275 to $300, the highest among recent institutional calls, while maintaining an Overweight rating.

The upgrade comes just days before AbbVie's Q2 earnings release scheduled for July 31. Market consensus expects Q2 revenue of approximately $16.76 billion, representing 11.54% year-over-year growth, with adjusted EPS of $3.57 to $3.61, implying over 24% year-over-year growth. The company previously updated Q2 guidance to include $291 million in acquired IPR&D expense, impacting both GAAP and adjusted EPS by $0.17.

Multiple tailwinds have bolstered investor sentiment, including Epcoritamab combination therapy receiving EU approval for follicular lymphoma, Boey wrinkle treatment winning EU marketing authorization, and the $10.9 billion Apogee Therapeutics acquisition strengthening AbbVie's immunology pipeline. Analysts at RBC noted that sentiment has shifted significantly following the Apogee deal, which addresses a key overhang for the stock.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)