AbbVie Stock (ABBV) Jumps on $2.1B Capstan Therapeutics Deal
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AbbVie's interest in Capstan Therapeutics has to do with CPTX2309. This is a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy candidate undergoing a Phase 1 clinical trial. It's designed to treat B cell-mediated autoimmune diseases, which occur when the body's own immune system attacks it. This would reset the immune system, curing the disease instead of just treating its symptoms.
Laura Shawver, Ph.D., President and CEO of Capstan Therapeutics, said, 'Through AbbVie's world-leading expertise in immunology research, clinical development, and its commercialization capabilities, we believe that this transaction moves us closer to delivering on our shared mission to bring these innovative therapies to patients in need.'
AbbVie Stock Movement Today
ABBV stock was up 1.5% as of this writing, suggesting investors were pleased with its planned purchase of Capstan Therapeutics. This also extended its 6.08% year-to-date rally and 7.01% rise over the past 12 months. Today's news saw some 1 million shares traded, which is still below the company's three-month daily average trading volume of about 5.89 million units.
Is AbbVie Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for AbbVie is Moderate Buy, based on 11 Buy and six Hold ratings over the past three months. With that comes an average ABBV stock price target of $212.80, representing a potential 14.86% upside for the shares.
Spark, TipRanks' AI analyst, cites 'strong financial performance, particularly in cash flow generation and operational profitability, coupled with positive earnings call highlights' as the reasons behind its Buy rating for ABBV stock.
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