Abbvie (ABBV) A Clear Beneficiary of Gilead's CRL - Mizuho Securities

Mizuho Securities analyst Vamil Divan reiterated a Buy rating and $111.00 price target on Abbvie (NYSE: ABBV) after Gilead Sciences (NASDAQ: GILD) and Galapagos announced after the close that their important immunology pipeline asset filgotinib has received a Complete Response Letter (CRL) from the FDA, likely delaying a US approval by 18 months or more.

The analyst stated "We see this as an important positive to ABBV and Pfizer (NYSE: PFE) as filgotinib was expected to be an important near-term competitor to their products Rinvoq and Xeljanz, respectively, in the rheumatoid arthritis space, although the implications may extend to other indications where filgotinib is being investigated, and other oral JAK inhibitors in development as well".

For an analyst ratings summary and ratings history on Abbvie click here. For more ratings news on Abbvie click here.

Shares of Abbvie closed at $96.61 yesterday.

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