Wednesday 13th of April 2022 09:04:38 AM
AbbVie down 6% following departure of president though presents buying opportunity
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- 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.