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Why AbbVie's Stock Is Trading Higher Today

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AbbVie (NYSE: ABBV) shares were trading higher Friday after the company reported better-than-expected third-quarter earnings, updated its fiscal year 2020 guidance to include the results from Allergan and raised its quarterly dividend.

The company also said its psoriasis drug Skyrizi will be evaluated as a potential treatment for COVID-19.

AbbVie is a drug company with a strong exposure to immunology and oncology. The company's top drug, Humira, represents over half of the company's profits.

The company was spun off from Abbott in early 2013. The recently announced acquisition of Allergan will add several new drugs in aesthetics and women's health.

AbbVie shares were trading up 5.03% at $84.73 at last check Friday. The stock has a 52-week high of $101.28 and a 52-week low of $62.55.

 

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