AbbVie Inc (NYSE:ABBV) and Coherus Biosciences Inc (NASDAQ:CHRS) were both off to a relatively normal start in the market today. While both were trading in the green, they weren’t gaining by much. That is, until just after noon, when ABBV started spiking and CHRS began falling apart. Below, we’ll talk about what we’re seeing in the market, why, and what we can expect to see from these stocks ahead.
ABBV Climbs While CHRS Takes A Dive
As mentioned above, both AbbVie Inc (NYSE:ABBV) and Coherus Biosciences Inc (NASDAQ:CHRS) were off to a relatively normal start to trading today. While the stocks were both in the green, the movement wasn’t anything to write home about. Nonetheless, that changed minutes after noon with ABBV soaring and CHRS taking a dive. The stocks ended the session at $58.91 per share and $25.60 per share respectively. Those figures represented a 5.12% gain for AbbVie and a 9.06% loss for Coherus.
Why Are These Stocks Moving
As soon as we noticed the movement in the market, the CNA Finance team started to dig to see what was causing the move. It didn’t take long to dig up the cause of the movement in this case. In fact, the movement in both AbbVie and Coherus Biosciences has to do with an IP case.
According to social chatter, ABBV has won their case against CHRS with regard to Humira patent infringement. However, the ruling hasn’t been confirmed by the courts nor by either company.
What We’ll Be Watching Ahead
Moving forward, if this rumor is true, it will prove to be a great thing for ABBV and a horrible thing for Coherus Biosciences Inc (NASDAQ:CHRS). For AbbVie Inc (NYSE:ABBV), the company will prove once again that it is capable of protecting its intellectual property. In the case of Coherus Biosciences, the company will likely take a big hit with regard to the cost of the ruling. Nonetheless, as the story unfolds, we’ll keep you posted!
UPDATE – It has been confirmed that the CHRS patent application has been denied!
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Note: This article was written by Joshua Rodriguez, owner and founder of CNA Finance. If you would like to connect with Joshua, you can do so by emailing him at CNAFinanceHelp@gmail.com!