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Fly News Breaks for December 16, 2019
BGNE, ABBV
Dec 16, 2019 | 10:40 EDT
Piper Jaffray analyst Christopher Raymond keeps an Overweight rating on AbbVie (ABBV) shares with a $92 price target following top-line data from BeiGene's (BGNE) ASPEN trial. Though efficacy and safety trended in favor of BeiGene's zanubrutinib, the failure to hit statistical significance should give AbbVie's Imbruvica "some breathing room," Raymond tells investors in a research note. As such, the analyst believes Imbruvica's dominance since launching in 2013 "will continue for the foreseeable future." He remains a buyer of AbbVie shares.