AbbVie Posts Disappointing Phase 2 Rova-T Data, but No Major Impact on FVE
AbbVie reported mixed phase 2 data for small-cell lung cancer drug Rova-T, which will not support an accelerated filing, but we don’t expect any significant changes to our fair value estimate based on the disappointment. The subsequent significant decline in the stock price seems overdone relative to the news, but we had viewed the stock as overvalued, so the decline moves the market valuation closer to our fair value estimate of $94. We don’t expect any impact on our narrow moat rating, althoug...AbbVie is a research-based biopharmaceutical company. The company's products are focused on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus and human immunodeficiency virus; neurological disorders, such as Parkinson's disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; as well as other serious health conditions. The company also has medicines in clinical development across immunology, oncology and neuroscience, with additional targeted investment in cystic fibrosis and women's health.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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