By Sam Boughedda
Investing.com — Share AbbVie (NYSE :) The company’s arthritis drug rose 1.8% on Friday after being approved by the US Food and Drug Administration.
The drug, named Rinvoq, is approved for the treatment of adults with active psoriatic arthritis who have an inadequate or intolerant response to tumor necrosis factor (TNF) blockers.
AbbVie said the approval was supported by two Phase 3 clinical trials using drugs that were effective across multiple measurements of disease activity.
Rinvoq is said to improve joint pain, swelling, stiffness and fatigue. This will be the second approval after the approval of rheumatoid arthritis in 2019.
Michael Severino, Vice Chairman and President of AbbVie, said:
In response to the announcement, Piper Sandler analysts maintained a stock overvaluation and a $ 160 price target, but Limbock invested in being approved with a “better than expected” atopic dermatitis label. I told my house.
“The drug is now ready to take advantage of what was positive for most of the feedback from dermatologists’ surveys on this opportunity, with the seemingly benign warning language and dosing flexibility. I think it’s done, “explained the analyst.
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AbbVie’s share price rises after FDA approves arthritis treatment by Investing.com
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