AbbVie Shares Touch 52-Week Peak as Scotiabank Lifts Target to $320

AbbVie shares rose 2.5% to EUR 242.90, hitting a 52-week high after Scotiabank raised its target to $320 and the company narrowed Q3 EPS guidance.

AbbVie's stock climbed 2.5% to EUR 242.90 on Wednesday, landing precisely on its 52-week high as investors digested a fresh analyst upgrade and a recalibrated profit outlook from the US drugmaker.

The advance extends a strong run for the shares, which closed Tuesday's European session at EUR 236.90 — just 0.8% below the previous day's then-record of EUR 238.70.

Scotiabank Raises Bar on Pipeline Momentum

Scotiabank gave the stock an extra push, raising its price target to $320 from $280 while keeping its "Outperform" rating intact. The Canadian bank's move, announced Tuesday, followed the release of clinical data earlier in the week.

AbbVie and partner Genmab reported that a Phase 3 trial known as EPCORE DLBCL-2 showed combining the antibody Epcoritamab with the R-CHOP regimen cut the risk of disease progression or death by 51% versus R-CHOP alone in newly diagnosed patients with diffuse large B-cell lymphoma. The treatment approach remains in the clinical testing stage. Reuters noted the shares had already gained 1.5% in the wake of the results.

One-Time Charges Trim Earnings Guidance

Running alongside the study news, management issued updated profit figures. AbbVie narrowed its adjusted diluted earnings-per-share guidance for the third quarter of 2026 to a range of $3.73 to $3.77. For the full year, the company now expects adjusted diluted EPS of between $13.76 and $13.96.

The revision stems from an estimated pre-tax charge of $216 million tied to acquired research and development as well as milestone payments booked in the third quarter. That item shaves $0.11 off both GAAP results and adjusted EPS. Such expenses reflect the ongoing outlays management is directing toward strengthening its drug pipeline through acquisitions and partnerships. AbbVie noted that its quarterly results are not yet finalized.

Joining the 340B Discount Pilot

On the regulatory front, AbbVie signed on to a US government pilot program for the so-called 340B discount model on October 2, according to Reuters. The trial is set to launch on January 1, 2027, and covers three products: Imbruvica, Linzess and Vraylar.

Investors will get a fuller picture of the business when AbbVie publishes complete third-quarter 2026 financial results on October 30, ahead of the US market open. Management plans to detail the company's performance on a conference call the same day.