William Blair analyst Matt Phipps reiterated an Outperform rating on Abbvie (NYSE: ABBV)

The analyst commented, "Before the market open on Monday, March 9, AbbVie announced positive top-line results from a Phase I, multiple-ascending-dose (MAD) study of ABBV-295, a subcutaneous, long-acting amylin analog for the potential treatment of obesity. Overall, while additional details around titration schedules, target dose levels, and slope of the weight loss will be key for determining the competitive profile of ABBV-295, we believe the week 12 weight loss of roughly 10% is competitive across the amylin class, and therefore is an encouraging initial update."

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Shares of Abbvie closed at $230.11 yesterday.