ABBV stock down 10% today?

[MichealKnight]

I know I'm going to feel foolish when someone instantly knows the answer but I've tried Google, and Yahoo Finance and don't see anything.

It's down 10% today - anyone know why?

 

[Bigdawg]

trading volume is up to 7X usual. Looking for reasons. Nothing yet. I only have a small position so not worried. I'll keep looking

 

[MichealKnight]

cnbc

I saw.a quick mention on CNBC Fast Money - but I didn't hear all of it.

Something about some rheumatoid drug. One of the traders said he's selling half his position

 

[Sarah S]

New warning on rinvoq based on data from xeljanz by pfizer. They are similar drugs

 

[Montecfo]

Yes. I added to position on the weakness.

 

[EA-Sports]

Excerpt from AAP: “Shares of AbbVie took a big hit Wednesday after the FDA provided an update on Pfizer's (PFE) Xeljanz and the broader JAK inhibitor class.

One question you may have today is why AbbVie is down so hard while Pfizer and Eli Lilly shares have barely budged? The answer is pretty simple. Rinvoq is one of AbbVie's key growth drivers of the future, while the revenue streams at Pfizer and Eli Lilly are much more diversified and their respectively JAK drugs are less important. “

 

[Sunset]

It had gotten too high, amazingly high in a short time.

I might buy some more tomorrow, or at least sell some puts.

 

[Mr. Tightwad]

Even after today I'm up 34%....not selling.

 

[erkevin]

I happened to log on when it was down 9%, did a little research as to why and then bought a chunk. The stock went to -10% and I bought a chunk more. I missed the bottom at -11%, but shortly after that the bargain hunters brought it back to life and it remained at -6 to -7% throughout the day. It got another bounce up in overnight trading.

 

[Montecfo]

It's been a nice stock. I traded around a core position when it was a lot more hated than now. My remaining shares until yesterday are at 54. Plus the 4.6 pct yield which of course used to be much higher.

 

[harllee]

Abbvie is an awful company that makes its money by keeping the price artificially high on drugs it sells. Abbvie's biggest seller is Humira, an injectable taken by millions of people with rheumatoid arthritis and similar diseases. The cost for Humira is outrageous--$80,000 per year. The patent for this drug ran out in 2016. There have been several generic drugs developed and approved by the FDA that would be much cheaper versions of Humira but Abbvie has so far blocked the sale of these drugs by litigation and settlements.

 

[Montecfo]

Abbvie is an awful company that makes its money by keeping the price artificially high on drugs it sells. Abbvie's biggest seller is Humira, an injectable taken by millions of people with rheumatoid arthritis and similar diseases. The cost for Humira is outrageous--$80,000 per year. The patent for this drug ran out in 2016. There have been several generic drugs developed and approved by the FDA that would be much cheaper versions of Humira but Abbvie has so far blocked the sale of these drugs by litigation and settlements.

It is expensive.

Its been a miracle drug which is why they sell so much even at the price. The stock is cheap because it is so reliant on one drug. But it actually has a pretty good pipeline.

It is perfectly legal to litigate to protect the market for your products. In fact drug companies are obligated to do so. They also offer patient assistance to those who cannot afford it. They try to straddle the issue of pricing.

 

[harllee]

It is expensive.

Its been a miracle drug which is why they sell so much even at the price. The stock is cheap because it is so reliant on one drug. But it actually has a pretty good pipeline.

It is perfectly legal to litigate to protect the market for your products. In fact drug companies are obligated to do so. They also offer patient assistance to those who cannot afford it. They try to straddle the issue of pricing.

I do not have any problem with the company making a profit and they have every right to do so. But their patent has long expired and now they are blocking generics, that is why I think they are an awful company.

 

[Montecfo]

Harllee,

I appreciate your view and I hope the price of Humira is not affecting you personally.
Having said rhat, the patent picture is far more complicated than you suggest. Abbvie has more than 100 patents on Humira, for example, extending our as far as 2034, and it treats multiple conditions.

 

[dobig]

I believe it's down because of the new Merk Covid drug. Said to be a game changer. That's why Moderna and some others were down big.

 

[Montecfo]

Merck is another inexpensive pharma that I like. Nice move

 

[Koolau]

Abbvie is an awful company that makes its money by keeping the price artificially high on drugs it sells. Abbvie's biggest seller is Humira, an injectable taken by millions of people with rheumatoid arthritis and similar diseases. The cost for Humira is outrageous--$80,000 per year. The patent for this drug ran out in 2016. There have been several generic drugs developed and approved by the FDA that would be much cheaper versions of Humira but Abbvie has so far blocked the sale of these drugs by litigation and settlements.

How much of the stock do you own? If as you say they are able to protect their patent(s) and keep prices artificially high, shouldn't you own the stock? It's a license to "steal" (so to speak.) It could even be looked at as a way to "hedge" your own pharmaceutical costs. Naturally, YMMV.

 

[harllee]

How much of the stock do you own? If as you say they are able to protect their patent(s) and keep prices artificially high, shouldn't you own the stock? It's a license to "steal" (so to speak.) It could even be looked at as a way to "hedge" your own pharmaceutical costs. Naturally, YMMV.

I am sure I own some of the stock since I own Total Stock Index. However I would never buy the stock on my own, I think the company is unethical.

 

[Koolau]

I am sure I own some of the stock since I own Total Stock Index. However I would never buy the stock on my own, I think the company is unethical.

Excuse the reference but calling a big company unethical (and therefore not intentionally owning their stock) reminds me of the scene in CASABLANCA where Rick asks Louis why he's being closed down. Louis answers "I'm shocked! SHOCKED that there's gambling going on in this place!"

I don't know that I would call maximizing prophets at a corp. level as unethical. If you wish to do so and potentially miss the growth of such a company that seems to have an "edge" then, by all means, do so. My guess is that if we looked into ALL the Megacorps we invest in, we each would find something that offends our sense of ethics. I w*rked for a megacorp which claimed to have the highest of ethics. Down in the trenches, you sometimes find out ethics are in the eye of the beholder. I still think I w*rked for a good company (as companies go) but the rose-colored glasses have a bit more bluish tint now. YMMV as always.

 

[marko]

I don't know that I would call maximizing prophets at a corp. level as unethical. If you wish to do so and potentially miss the growth of such a company that seems to have an "edge" then, by all means, do so.

+1

I'll take the money.
As my grandad used to say "You can't eat principles"

 

[marko]

It is expensive.

It is perfectly legal to litigate to protect the market for your products. In fact drug companies are obligated to do so.

AFAIK, all companies are obligated to litigate intrusion on their patents and trademarks. Failure to do so renders the protection unenforceable.