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AbbVie Inc (NYSE: ABBV) stock price has fallen 2.79% in the last three days despite the biopharma company recently reporting significant milestones.
One of AbbVie’s latest milestones includes the recent approval of its Rinvoq drug that treats refractory moderate to severe atopic dermatitis in patients 12 years and older.
The company’s shares rallied to 11.19p higher before reversing course and heading lower a day later as sellers took control of its stock price.
Investors ignored AbbVie’s recent announcement that it had completed the phase III trial of Rinvoq as a treatment for two types of inflammatory arthritis: non-radiographic axial spondyloarthritis and ankylosing spondylitis, which affect the spine, and other joints.
The Biopharma company noted that the phase 3 study had met all of its primary endpoints and had satisfied 12 of 14 secondary endpoints. In addition, people living with Arthritis treated with Rinvoq reported alleviated symptoms from back pain, inflammation and improved physical activities.
Rainbow had a positive impact in relieving the symptoms of patients suffering from both types of arthritis.
AbbVie also received a welcome break in its California opioid pandemic lawsuit when a California judge questioned the validity of the counties argument that advertising by opioid manufacturers was the main driver behind the opioid pandemic.
It is challenging to keep track of all the positive news released by AbbVie, including the recent FDA approval of its Qulipta, or atogepant drug treatment for episodic migraines in adults.
The biopharma company has a regular stream of positive news and updates that should keep its stock price supported over the long term.
Despite its many successes, AbbVie faces a significant challenge in managing its vast drug portfolio and pipeline mid calls for the FDA and other health regulators to adopt a tough stance on large pharmaceutical companies.
For example, on September 1, 2021, the FDA said that AbbVie should include a new warning for users on the increased risk of death associated with its Rinvoq drug arthritis drug, which led to its share price falling significantly.
From a technical perspective, AbbVie shares are headed towards the $106 level, which has recently acted as support, where they could reverse course and head higher.
*This is not investment advice.
AbbVie stock price.
Abbvie stock is down 2.79% over the past three days falling from a high of $111.18 to today’s low of $108.08.
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