2023-05-01 05:51:00 ET
AbbVie (NYSE: ABBV) spent 11 weeks building solid momentum. Its stock climbed more than 14% during the period. But it took only one day to wipe out most of the gain.
The drugmaker's shares plunged last Thursday after AbbVie announced its first-quarter results. Although the pharma stock rebounded slightly on Friday, it's still well below the levels from earlier last week. Should you buy AbbVie stock on the dip?
There were several factors behind why AbbVie stock crashed last week. The most obvious reason is that sales for the company's longtime best-selling drug, Humira, sank 25% year over year with a 26% drop in the United States. Humira now faces biosimilar competition in the U.S. market.
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AbbVie Stock Plunged: Should You Buy the Dip?