The stock of AbbVie Inc. (NYSE:ABBV) is now priced at $94.06 and the shares are -0.45 points down or -0.48% lower compared to its previous closing price of $94.51. The stock had 6.568 million contracts set over the past session. ABBV shares’ daily volume is compared to its average trading volume at 7.501 million shares. However, it has a float of 1760 million and although its performance was -1.66% over the week, it’s one to watch. Analysts have given the ABBV stock a yearly average price target of $109.38 per share. It means the stock’s upside potential is 16.29% with the ABBV share price recently placing at $93.91 to $94.79. However, some brokerage firms have priced the stock below the average, including one that has called $96.
The shorts are running away from the AbbVie Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the ABBV shares have declined. Short interest in the stock represents just 0.75% of its float, but the volume has dropped by 0.
In the last trading session, AbbVie Inc. (NYSE:ABBV) dropped by -$1.59 over the week and lost -$2.65 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $101.28. The stock recorded its established 52-week high on 07/17/20.
Since 03/23/20, the stock has traded to a low of $62.55 at 50.38%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.74. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, AbbVie Inc.’s two-week RSI is 44.15. This suggests that the stock is neutral at the moment and that ABBV shares’ price movement remains stable. The stochastic readings are equally revealing at 47.81% meaning the ABBV share price is currently in neutral territory.
The technical chart shows that the ABBV stock will likely settle at between $94.6 and $95.13 per share. However, if the stock dips below $93.72, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $93.37.
Currently, the stock is trading in the red of MACD, with a reading of -0.69. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Atlantic Equities raised their recommendation for ABBV from Neutral to Overweight in June 23 review while maintain their target price of $115. Wolfe Research analysts upgraded their recommendation of the stock from Peer Perform to Outperform in a flash note released to investors on June 09. Argus seeing the improvements upgraded the stock from Hold to Buy on June 02, placing it at $115.
The average rating for the ABBV equity is 1.94 and is currently gathering a bullish momentum. Of 18 analysts tracking AbbVie Inc. polled by Reuters, 4 rated ABBV as a hold. The remaining 14 analysts were split evenly. However, the split wasn’t equal as a majority (14) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the ABBV stock price is 7.77X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 20.6 below the group’s average of 22.6. AbbVie Inc. has its P/E ratio at 11.3, which means that the stock is currently trading at a premium relative to the 5.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for AbbVie Inc. (NYSE:ABBV) will increase by about 22.97%, which will see them reach $12800 million. The company’s full-year revenues are, however, expected to increase by about 37.06%, up from $33300 million to $45600 million. ABBV’s expected adjusted earnings should surge almost 18.45% to end up at $2.76 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 16.89% to record $10.45/share.