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Fly News Breaks for September 19, 2018
ABBV
Sep 19, 2018 | 05:07 EDT
While shares of AbbVie may move lower today on news of California's insurance regulator suing the company over promotion of Humira, a more fundamental potential drag on Humira remains the advent of co-pay accumulators, Piper Jaffray analyst Christopher Raymond tells investors in a research note. The analyst sees the California lawsuit as more headline risk than anything but thinks "it may nevertheless serve as a minor overhang on shares." He points out that new research this week by Drug Channels suggests that more than one-third of commercial lives are enrolled in plans that have implemented copay accumulators for 2018, higher than his prior best estimate of 17%. Raymond keeps a Neutral rating on AbbVie with a $100 price target.
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