ABBV Stock: Why It Increased This Past Week

By Amit Chowdhry ● Oct 10, 2021
  • The shares of AbbVie Inc (NYSE: ABBV) increased this past week. This is why it happened.

The shares of AbbVie Inc (NYSE: ABBV) increased this past week from $108.07 at 11 AM ET on Monday to $111.09 at 11 AM ET on Friday, October 8. Investors are responding positively to AbbVie reporting positive results from a Phase 3 trial of RINVOQ for treating ankylosing spondylitis (AS).

Michael Severino, M.D., vice chairman and president at AbbVie, pointed out that ankylosing spondylitis is a “debilitating disease that can cause severe pain, stiffness, restricted mobility and lasting structural damage impacting patients’ everyday life.

The study had evaluated RINVOQ in patients with active AS who had an inadequate response to biologic disease-modifying anti-rheumatic drug (DMARD) therapy. In the study, RINVOQ met its primary endpoint of Assessment in SpondyloArthritis International Society (ASAS) 40 response and all ranked secondary endpoints at week 14. And significantly more RINVOQ-treated patients achieved ASAS40 response at week 14 compared to placebo (45% versus 18%; p<0.0001).

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