Is AbbVie (ABBV) a High Growth Potential Stock?

Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 6.01% compared to a 4.72% decline for the Russell 3000 Health Care Index. The fund’s underperformance in the quarter was attributed to poor stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like AbbVie Inc. (NYSE:ABBV) in its Q3 2022 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On October 14, 2022, AbbVie Inc. (NYSE:ABBV) stock closed at $142.94 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was 0.20% and its shares gained 33.05% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $252.732 billion.

Here is what Baron Funds specifically said about AbbVie Inc. (NYSE:ABBV) in its Q3 2022 investor letter:

“AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”

AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of the second quarter which was 76 in the previous quarter.

We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the stock picks of Frederick DiSanto’s Ancora Advisors. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.