AbbVie Inc. (ABBV) Stock Formed Bearish Multiple Bottom Chart Pattern. What To Expect?

September 8, 2018 - By Vernon Prom

AbbVie Inc. (NYSE:ABBV) Logo

Investors sentiment decreased to 0.7 in 2018 Q1. Its down 0.10, from 0.8 in 2017Q4. It turned negative, as 61 investors sold AbbVie Inc. shares while 737 reduced holdings. 127 funds opened positions while 428 raised stakes. 1.06 billion shares or 0.67% less from 1.06 billion shares in 2017Q4 were reported.
Moreover, Roanoke Asset Corporation New York has 0.46% invested in AbbVie Inc. (NYSE:ABBV). Waldron L P stated it has 0.12% in AbbVie Inc. (NYSE:ABBV). Asset owns 4,316 shares. Birmingham Mngmt Com Incorporated Al holds 27,648 shares. The California-based Assetmark Inc has invested 0.18% in AbbVie Inc. (NYSE:ABBV). Heritage Investors Mgmt Corp reported 89,693 shares. Central Financial Bank And Trust Commerce has invested 0.19% of its portfolio in AbbVie Inc. (NYSE:ABBV). Davidson Advisors holds 6,945 shares or 0.07% of its portfolio. Prudential Fincl reported 4.52 million shares or 0.65% of all its holdings. Amer Century has 0.18% invested in AbbVie Inc. (NYSE:ABBV) for 1.86M shares. Pettyjohn Wood & White Inc invested 0.53% in AbbVie Inc. (NYSE:ABBV). Old Mutual Customised Solutions (Proprietary) Ltd reported 0.25% of its portfolio in AbbVie Inc. (NYSE:ABBV). Koshinski Asset Mgmt Incorporated has invested 0.47% of its portfolio in AbbVie Inc. (NYSE:ABBV). Welch Grp Limited Liability Com stated it has 3.42% of its portfolio in AbbVie Inc. (NYSE:ABBV). Caprock invested 0.33% in AbbVie Inc. (NYSE:ABBV).

Since June 15, 2018, it had 2 insider purchases, and 2 sales for $6.03 million activity. Shares for $496,274 were bought by TILTON GLENN F. $4.88M worth of AbbVie Inc. (NYSE:ABBV) was sold by SEVERINO MICHAEL on Friday, August 17. RAPP EDWARD J bought 1,013 shares worth $99,909.

The stock of AbbVie Inc. (ABBV) shows a multiple bottoms pattern with $88.52 target or 6.00 % below today’s $94.17 share price. The 8 months chart pattern indicates high risk for the $142.60 billion company. It was reported on Sep, 8 by Finviz.com. If the $88.52 price target is reached, the company will be worth $8.56 billion less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 0.46% or $0.43 during the last trading session, reaching $94.17. About 4.05 million shares traded. AbbVie Inc. (NYSE:ABBV) has risen 52.41% since September 8, 2017 and is uptrending. It has outperformed by 39.84% the S&P500.

Analysts await AbbVie Inc. (NYSE:ABBV) to report earnings on October, 26. They expect $2.01 earnings per share, up 42.55 % or $0.60 from last year’s $1.41 per share. ABBV’s profit will be $3.04 billion for 11.71 P/E if the $2.01 EPS becomes a reality. After $2.00 actual earnings per share reported by AbbVie Inc. for the previous quarter, Wall Street now forecasts 0.50 % EPS growth.

AbbVie Inc. (NYSE:ABBV) Ratings Coverage

Among 14 analysts covering AbbVie (NYSE:ABBV), 5 have Buy rating, 2 Sell and 7 Hold. Therefore 36% are positive. AbbVie has $15700 highest and $78 lowest target. $112.73’s average target is 19.71% above currents $94.17 stock price. AbbVie had 21 analyst reports since March 22, 2018 according to SRatingsIntel. On Friday, June 1 the stock rating was downgraded by PiperJaffray to “Neutral”. The rating was downgraded by Credit Suisse on Wednesday, May 30 to “Underperform”. The rating was maintained by BMO Capital Markets on Wednesday, May 23 with “Underperform”. The company was maintained on Thursday, March 22 by SunTrust. The stock of AbbVie Inc. (NYSE:ABBV) has “Hold” rating given on Thursday, March 22 by Leerink Swann. Argus Research maintained the shares of ABBV in report on Monday, June 11 with “Buy” rating. Piper Jaffray downgraded it to “Hold” rating and $10500 target in Friday, June 1 report. Jefferies maintained the shares of ABBV in report on Friday, March 23 with “Buy” rating. Piper Jaffray maintained AbbVie Inc. (NYSE:ABBV) on Tuesday, April 10 with “Buy” rating. Bank of America maintained AbbVie Inc. (NYSE:ABBV) on Monday, July 30 with “Buy” rating.

More notable recent AbbVie Inc. (NYSE:ABBV) news were published by: Seekingalpha.com which released: “AbbVie: FCFs Ensure Sweet Dividends And Buybacks” on August 30, 2018, also Seekingalpha.com with their article: “How Big Is The Biosimilar Threat To AbbVie’s Humira?” published on September 03, 2018, Seekingalpha.com published: “Et Tu, Bruton?” on August 30, 2018. More interesting news about AbbVie Inc. (NYSE:ABBV) were released by: Seekingalpha.com and their article: “Senate vote approaches on bill to combat opioid crisis” published on September 07, 2018 as well as Seekingalpha.com‘s news article titled: “Buy United Parcel Service – Cramer’s Lightning Round (9/6/18)” with publication date: September 07, 2018.

AbbVie Inc. discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company has market cap of $142.60 billion. The firm offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C. It has a 23.37 P/E ratio. It also provides Kaletra, an anti- human immunodeficiency virus-1 medicine used with other anti-HIV-1 medications as a treatment that maintains viral suppression in HIV-1 patients; Norvir, a protease inhibitor indicated in combination with other antiretroviral agents to treat HIV-1; and Synagis to prevent RSV infection at-risk infants.

AbbVie Inc. (NYSE:ABBV) Ratings Chart

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