5 Best Immunotherapy Stocks To Buy Now

3. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 74

AbbVie Inc. (NYSE:ABBV) is a worldwide pharmaceutical company specializing in pharmaceutical research, development, manufacturing, and distribution. Its diverse product portfolio encompasses Imbruvica, designed for treating blood cancers in adults; Venclexta/Venclyxto, used in the management of hematological malignancies; and Lupron, a treatment for advanced prostate cancer, endometriosis, central precocious puberty, and various pharmaceutical products addressing different medical conditions. With a record of 50 years of continuous dividend growth, the American pharmaceutical giant currently offers a dividend yield of 4.26% as of October 26.

According to Insider Monkey’s second quarter database, 74 hedge funds were bullish on AbbVie Inc. (NYSE:ABBV), compared to 75 in the preceding quarter. Ken Griffin’s Citadel Investment Group is a significant position holder in the company, with over 1.9 million shares worth $260.17 million.

Diamond Hill Large Cap Strategy made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q2 2023 investor letter:

“Also among our bottom contributors were AbbVie and Truist Financial Corp. Pharmaceutical company AbbVie Inc. (NYSE:ABBV)’s stock declined in the quarter due to biosimilar competition against its largest drug, Humira. We believe management is successfully navigating biosimilars, as this has been a known generic entry for years. We still believe the company has attractive long-term prospects despite this near-term headwind.”

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