On August 19, AbbVie rose 3.03% in regular trading, trading at $258.0/share, with turnover of $415 million. The rally was driven by a wave of Wall Street price target upgrades and a significant pipeline advancement.

On the news front, multiple investment banks have recently raised their price targets on AbbVie. Wells Fargo lifted its target to $300 from $295 while maintaining an Overweight rating. Wolfe Research upgraded the stock to Outperform from Peer Perform with a $300 target. BNP Paribas raised its target to $247 from $218, and Leerink Partners adjusted to $279 from $245. The average analyst target now stands at approximately $278.73.

On the pipeline front, AbbVie registered a global Phase III clinical trial for RC148, a PD-1/VEGF bispecific antibody licensed from RemeGen, in a head-to-head study against pembrolizumab plus chemotherapy for first-line non-small cell lung cancer. This marks the asset's entry into late-stage development, further enriching AbbVie's oncology portfolio.

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