Wednesday 13th of April 2022 09:04:38 AM

AbbVie down 6% following departure of president though presents buying opportunity

AbbVie headquarters building facade of an American publicly traded biopharmaceutical company Michael Vi/iStock Editorial via Getty Images
  • The announcement earlier Wednesday of the upcoming resignation of AbbVie (NYSE:ABBV) Vice Chairman and President Michael Severino has sent the company's shares down 6%.
  • He is joining life sciences venture capital firm Flagship Pioneering as chief executive-partner.
  • In his current role, Severino is responsible for research and development and the corporate strategy office, according to AbbVie (ABBV).
  • He joined the company in 2014. Prior to AbbVie (ABBV), he was SVP, global development and chief medical officer, at Amgen (AMGN).
  • Despite Wednesday's decline, AbbVie has been on a roll lately. Year-to-date, shares are up ~16%.
  • Wells Fargo analyst Mohit Bansal wrote that the decline prompted by Severino's exit provides a buying opportunity for shares.
  • Read why Seeking Alpha contributor Envision Research says that AbbVie (ABBV) is a buy.


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