Abbvie Incorporated (NYSE:ABBV) Shorts Decreased by 18.64% After Short Covering


The stock of Abbvie Incorporated (NYSE:ABBV) registered a decrease of 18.64% in short interest. ABBV’s total short interest was 39.05M shares in September as published by FINRA. Its down 18.64% from 48.00 million shares, reported previously. With 7.29 million shares average volume, it will take short sellers 5 days to cover their ABBV’s short positions. The short interest to Abbvie Incorporated’s float is 2.4%. About 1.11M shares traded hands. AbbVie Inc (NYSE:ABBV) has risen 21.16% since February 8, 2016 and is uptrending. It has outperformed by 4.67% the S&P500.

AbbVie Inc. is a research-based biopharmaceutical company. The company has a market cap of $104.52 billion. The Firm develops and markets therapies that address a range of diseases. It has a 18.2 P/E ratio. The Firm operates in pharmaceutical products segment.

The institutional sentiment decreased to 0.86 in 2016 Q2. Its down 0.29, from 1.15 in 2016Q1. The ratio turned negative, as 86 funds sold all AbbVie Inc shares owned while 593 reduced positions. 75 funds bought stakes while 508 increased positions. They now own 1.06 billion shares or 1.95% less from 1.08 billion shares in 2016Q1.

Sc Us (Ttgp) Ltd. holds 54.6% of its portfolio in AbbVie Inc for 1.44 million shares. Columbia Pacific Advisors Llc owns 374,552 shares or 14.14% of their US portfolio. Moreover, R. G. Niederhoffer Capital Management Inc has 13.66% invested in the company for 34,800 shares. The New York-based Duquesne Family Office Llc has invested 9.42% in the stock. Baker Bros. Advisors Lp, a New York-based fund reported 14.37 million shares.

Out of 13 analysts covering Abbvie Inc (NYSE:ABBV), 5 rate it a “Buy”, 1 “Sell”, while 7 “Hold”. This means 38% are positive. $82 is the highest target while $55 is the lowest. The $69.91 average target is 10.16% above today’s ($63.46) stock price. Abbvie Inc has been the topic of 22 analyst reports since September 28, 2015 according to StockzIntelligence Inc. JP Morgan downgraded the stock on September 8 to “Neutral” rating. BMO Capital Markets downgraded the shares of ABBV in a report on June 10 to “Market Perform” rating.

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