AbbVie reports Wednesday with short positioning at a three-week low. The options market shows mild bearish tilt while analyst activity remains mixed.
Short interest stands at 1.10% of float as of April 23. That's down 20% over the past month. The share count hasn't been this low since late March. Cost to borrow fell 35% week-over-week to 0.21%. Utilisation dropped to 0.31% from 0.67% on April 15. Short sellers have covered aggressively since mid-March, when the position peaked near 26.5 million shares.
The put/call ratio sits at 1.08, just above the 20-day mean of 1.06. The z-score of 0.70 signals a mild uptick in put activity but nothing extreme. The current PCR remains well inside the 52-week range of 0.62 to 1.13. Puts marginally outnumber calls heading into the print.
Analysts set a mean price target of $249, implying 25% upside from Friday's close of $198.71. Piper Sandler's David Amsellem trimmed his target from $299 to $294 on April 23 but held an Overweight rating. Canaccord Genuity initiated coverage April 21 with a Buy and $262 target. Guggenheim's Vamil Divan raised his target from $242 to $249 on April 10. Cantor Fitzgerald cut its target from $250 to $240 on April 8. Barclays initiated February 20 at Overweight with a $275 target, citing upside in the neuroscience segment now projected at $10.7 billion by 2025. Bulls point to Skyrizi and Rinvoq momentum. Bears cite aesthetics pressures on Botox and Vraylar's looming exclusivity loss by 2030.
The P/E ratio of 13.57 has contracted 0.33 points over 30 days. EV/EBITDA rose 0.09 to 12.30 in the same window. ABBV ranks in the 98th percentile for dividend score. The EPS momentum 90-day rank sits at 56. The short score rank is 79th percentile.
Insiders sold a net $42.2 million over 90 days through early March. CEO Robert Michael sold $8.5 million on February 27. Capital Research boosted its stake by 8 million shares to 50.6 million as of March 31. BlackRock added 5.1 million shares to 150.8 million.
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