AbbVie beats 2Q profit forecasts

AbbVie Inc on Friday reported quarterly revenue that missed analysts’ estimates for the first time in six quarters, sending its shares down 3 percent in premarket trading. Also, Vetr Inc. downgraded shares of GoPro Inc from a buy rating to a hold rating.

AbbVie (NASDAQ:ABBV) posted its quarterly earnings results on Friday. Finally, analysts at Piper Jaffray initiated coverage on shares of AbbVie in a research note on Wednesday, June 17th. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.60 billion. (NYSE:ABBV) The brokerage firm has issued a Overweight rating on the shares. However, if the road gets shaky, the stock may fall short to $68 per share.

AbbVie (NASDAQ:ABBV) has been given an “A-” credit rating by analysts at Morningstar.

The stock price of Abbvie Inc skyrocketed 25.58% over the last 200 days, and is in reinforcing up trend. On July 20, 2015 The shares registered one year high of $71.11 and one year low was seen on August 6, 2014 at $51.37. The total inflow of $10.77 million in upticks was completely overshadowed by an outflow of $34.19 million in downticks, giving the up/down ratio a value of 0.32.

Adjusted earnings per share (EPS) for the quarter are expected to stand at $1.06, signifying an increase of 39.47% YoY when compared to $0.76 reported for the same period past year. Analysts expect a significant increase in profit and revenue, driven by rising sales of the company’s major blockbuster drugs. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.51 per share.

In other AbbVie news, CEO Richard A. Gonzalez sold 102,964 shares of the stock in a transaction that occurred on Tuesday, April 28th. The ex-dividend date is Monday, July 13th. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

AbbVie Inc. (NYSE:ABBV) is a global research-based pharmaceuticals company. The Company discovers, develops, and commercializes advanced therapies. The Companys products are used to treat chronic autoimmune diseases, including rheumatoid arthritis, psoriasis, and Crohns disease; human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinsons disease, and complications associated with chronic kidney disease and cystic fibrosis, among other health conditions, such as low testosterone.

Meanwhile, the Pharmacyclics acquisition has diversified AbbVie’s product portfolio with the addition of Imbruvica.