Jim Cramer Says “I Found the AbbVie Call Particularly Jarring”

AbbVie Inc. (NYSE:ABBV) is one of the stocks Jim Cramer recently commented on. Cramer highlighted the possible change in spending habits of the rich while discussing the stock, as he said:

“AbbVie stock is still falling after management talked about slowing medical aesthetic sales. Botox for the face may have finally hit a wall, even though this business had been booming because so many people didn’t like their slacking faces after they lost so much weight taking the GLP-1s. I found the AbbVie call particularly jarring because the weaker numbers indicate that rich people aren’t spending to keep their faces wrinkle-free. Maybe you can be too thin after all.”

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AbbVie Inc. (NYSE:ABBV) is a biopharmaceutical company focused on developing, manufacturing, and marketing medicines for autoimmune, oncology, neuroscience, eye care, and cosmetic conditions. Cramer discussed the company during the April 14 episode and said:

“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. Because of today’s vicious bond market-inspired selloff, this fine stock’s down a quick 10 points today or more than 5%, but it only yields 3.7%. With rates going higher, you have to wonder if AbbVie’s worth the risk, even as it’s among the safest, if not the safest stock in the group, because of these amazing franchises.

I think it makes a ton of sense to start a position in the stock right now, if only because of the amazing Skyrizi and Rinvoq immunology drugs, as well as BOTOX, which right now is sainted for those who get too many wrinkles as their skin sags from taking GLP-1s, those are the drugs that combat obesity and diabetes. I don’t know, tempting.”

It is worth noting that AbbVie Inc.’s (NYSE:ABBV) stock has gained over 18% since the above comment was aired.

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