In June, biotech stocks propelled the ALPS Medical Breakthroughs ETF (SBIO) to an 18.7% return, its best month since December 2023. Major contributors included Apogee Therapeutics, which surged 61.6% following a $10.9 billion acquisition announcement by AbbVie, and Definium Therapeutics, which jumped 92.2% after positive Phase 3 trial results for a depression treatment. Oruka Therapeutics also gained significantly on promising psoriasis trial data. These developments highlight the impact of clinical-stage biotech companies and major buyouts on ETF performance.
AbbVie’s stock trades near $277, close to a $279 price target, driven by strong growth in drugs Skyrizi and Rinvoq, and recent FDA approvals including JUVMO for Parkinson’s. The company’s acquisition of Apogee Therapeutics and raised revenue guidance...
Cantor Fitzgerald increased price targets for four major pharmaceutical companies: Eli Lilly, AbbVie, Merck, and Pfizer, while maintaining their current ratings. Eli Lilly and AbbVie received Overweight ratings with higher targets, reflecting stronge...
