AbbVie Rises as Analysts Remain Bullish Despite Drug Warning
- FDA warning on hepatitis C drug applies to small patient group
- Shares gain 6 percent after plummeting late Thursday
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AbbVie Inc. shares rose on Friday as analysts said investors had overreacted in selling shares following a warning by U.S. regulators on the company’s hepatitis C drug.
The drugmaker rose 6 percent to $51.19 at 12:48 p.m. in New York. On Thursday, the U.S. Food and Drug Administration said that 10 patients taking AbbVie’s drugs Viekira Pak and Technivie died or had liver failure, after which the stock fell 10 percent. The FDA issued a statement saying it would change its advice on how the medicines should be administered, adding a warning for certain groups of patients who have serious liver damage already.