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Fly News Breaks for March 22, 2018
ABBV
Mar 22, 2018 | 11:15 EDT
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on shares of AbbVie but admits he's surprised that the company will not seek accelerated approval for Rova-T in third-line small cell lung cancer. While data seems relatively in line with standard of care, data is also consistent with management's previously-articulated definition of success, Raymond tells investors in a research note titled "Rova-T Setback a Head-Scratcher to Us." The analyst adds, however, that he does not model for Rova-T, therefore the news does not impact his valuation. Nonetheless, Raymond says today's news reduces his confidence in AbbVie's "read of FDA in this space." He keeps an Overweight rating on the shares with a $138 price target. The stock in morning trading is down 12%, or $13.42, to $99.00.
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