5 Best Drug Stocks to Buy According to Analysts

2. AbbVie Inc. (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) is one of the best drug stocks to buy according to analysts. AbbVie Inc. (NYSE:ABBV) announced on April 27 the submission of an application to the U.S. Food and Drug Administration (FDA) seeking approval for SKYRIZI® for subcutaneous induction for the treatment of adult patients with moderately to severely active Crohn’s disease. Management stated that the application is supported by the recently shared positive data from the Phase 3 AFFIRM study evaluating the efficacy and safety of risankizumab SC as an induction treatment in adult patients with moderately to severely active CD. This includes both those with and without prior advanced therapy failure.

In a separate development, AbbVie Inc. (NYSE:ABBV) received a rating update from Piper Sandler on April 23. The firm cut the price target on AbbVie Inc. (NYSE:ABBV) to $294 from $299 while reaffirming an Overweight rating on the shares. The rating update came ahead of the quarterly results, with the firm saying that the company has become a bit controversial. Despite that, Piper is making a case for why there is no need for investors to worry, as the primary worry on AbbVie Inc. (NYSE:ABBV), as seen by the firm, is driven in part by the rollout of oral IL-23-directed treatment Icotyde by Johnson & Johnson in the psoriasis setting, along with how it could impact the trajectory of Skyrizi.

AbbVie Inc. (NYSE:ABBV) is a research-based pharmaceutical company that develops and sells products to treat chronic diseases in oncology, gastroenterology, rheumatology, dermatology, virology, and various other serious health conditions.