Cramer’s ‘Absolute Favorite’ AbbVie Rises After Study Completions and Upgrade

AbbVie Inc. (NYSE:ABBV) is one of Jim Cramer’s Recession-Proof Stock Picks.

Cramer calls the stock his ‘absolute favorite,’ and it is followed by updates on the completion of two key studies.

Cramer’s ‘Absolute Favorite’ AbbVie Rises After Study Completions and Upgrade

At the beginning of this month, AbbVie Inc. (NYSE:ABBV) announced the completion of a key study on ABBV-101’s food interaction and a Phase 2 study of Budigalimab and/or ABBV-382 on HIV. Following the update from the company, the stock’s weekly performance has seen an uptick of 3.05%, while the monthly performance indicates a gain of 8.19%. Additionally, Bank of America upgraded the stock’s price target $220 to $251 while maintaining a Neutral rating.

When speaking of the stock in his Mad Money episode, Jim Cramer made the following statement.

“Or how about one of my absolute favorites right here too, AbbVie. Now here’s a drug company with no patent cliff in sight whatsoever. Got tremendous franchises in neurology, oncology, immunology, and medical aesthetics, among others. “

With 89 hedge funds invested in AbbVie Inc. (NYSE:ABBV), the company earns the confidence of the investors and maintains a positive outlook.

AbbVie Inc. (NYSE:ABBV) is a global research-based biopharmaceutical company focused on discovering, developing, and marketing advanced therapies to treat complex diseases. The company covers areas like immunology, oncology, and neuroscience. This Illinois-based firm was formed as a spin-off from Abbott Laboratories in 2013.

While we acknowledge the risk and potential of ABBV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ABBV and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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