AbbVie IncWells Fargo maintains Overweight rating and $260 PT, and views the Apogee acquisition positively for AbbVie shares.
Wells Fargo maintained an Overweight rating on AbbVie with a $260 price target, saying the company's reported $10.9 billion bid for Apogee Therapeutics makes sense and would likely be viewed positively for AbbVie shares. The firm noted the deal could create pressure on Regeneron due to increased competition. AbbVie announced the acquisition, its largest buyout in more than five years, to strengthen its pipeline for inflammatory diseases including atopic dermatitis and asthma. The transaction is one of the biggest biotech deals of the year, reflecting a rise in pharmaceutical dealmaking as companies expand portfolios ahead of patent expirations on major treatments.
AbbVie IncWells Fargo maintains Overweight rating and $260 PT, and views the Apogee acquisition positively for AbbVie shares.
Apogee Therapeutics, Inc. Common StockApogee is being acquired by AbbVie for $10.9 billion, a premium that benefits its shareholders.
Regeneron Pharmaceuticals IncThe deal could create pressure on Regeneron due to increased competition from AbbVie's strengthened pipeline.
Wells Fargo & Company