When talking about stock trading, most people think of Microsoft, Tesla, Facebook, or Amazon, but being a globally recognized stock doesn’t always mean it’s a better trading opportunity than the less famous options. One overlooked stock is an excellent example worthy of your attention and analysis.
AbbVie is a US biopharmaceutical company founded in 2013. A spin-off of Abbott Laboratories, it ranks fourth behind Pfizer (PFE), Novo Nordisk (NVO), and Novartis (NVS).
47,000 employees and a reported 2020 revenue of $45.8 billion make AbbVie a worthy candidate for trading both long and short term. But is there anything happening right now that might trigger the company’s growth in the coming weeks and months?
AbbVie is set to partner with Regenxbio to develop a gene therapy for age-related macular degeneration (AMD). The corporate partnership is said to be worth over $1.7 billion, which will likely have demanding profit expectations for both companies.
Usually, profit projects influence stock prices, but does today show good conditions for an entry point?
ABBV enjoyed a prolonged high price range for several months, peaking at 120.79 USD on 21 August. After the FDA enforced new and more aggressive warning disclaimers in September, the price crashed to 107.48 USD. It’s a prime example of how a pharmaceutical company price can be strongly influenced by fundamental announcements.
ABBV currently holds at a low 105-106 range, which suggests the FDA-triggered fallout has settled. With no other obvious influences on price, perhaps the Regenxbio news will carry enough weight to trigger a rally for the sleeping giant.
With so many stocks to choose from, and many having a much bigger international profile, it’s hard to say if ABBV is a better option than the hundreds of other stocks that are available with Exness, but if you like to buy reversals, then Abbvie shows promise.
Run your preferred technical analysis and see if there’s still time to invest in ABBV.