Piper Sandler Sticks to Its Buy Rating for AbbVie (ABBV)

Piper Sandler analyst David Amsellem reiterated a Buy rating on AbbVie today and set a price target of $299.00.

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Amsellem covers the Healthcare sector, focusing on stocks such as Amgen, AbbVie, and Esperion. According to TipRanks, Amsellem has an average return of 7.5% and a 51.90% success rate on recommended stocks.

In addition to Piper Sandler, AbbVie also received a Buy from Morgan Stanley’s Terence Flynn in a report issued today. However, on April 3, Bernstein maintained a Hold rating on AbbVie (NYSE: ABBV).

Based on AbbVie’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $16.62 billion and a net profit of $1.82 billion. In comparison, last year the company earned a revenue of $15.1 billion and had a GAAP net loss of $22 million

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ABBV in relation to earlier this year. Last month, David Ryan Purdue, the SVP, Controller of ABBV sold 5,230.00 shares for a total of $1,221,518.80.