Market Commentary

Josh Gottheimer Sells AbbVie Inc Amid Upcoming Price Negotiations

Jabran Kundi
6 Feb 2024 · 1 minute read

Congressman Josh Gottheimer, as per his latest disclosure of trades, sold AbbVie Inc (ABBV:US) shares during the month of February.

The congressman sold the shares in two different transactions, totaling between a range of $1,001 to $15,000 each. The closing prices for these transactions were $152 and $145.14 respectively. 

He has been selling the stock recently as the previous sale was reported on January 20, 2023. These shares were bought during March and April last year and it seems the Congressman is slowly selling out his holdings. 

It is worth noting that AbbVie is considered a high dividend yield stock, with its dividend yield hovering around 3.84%. Currently, the stock is trading above the $155 mark.

Gottheimer's sale of ABBV shares comes at a time when its leukemia treatment drug, Imbruvica, is likely to face price negotiations with the US government. The drug is a part of many other medicines that will face similar scrutiny later this year.

The drug company was also dealt a major blow recently when it lost its 20-year-long exclusivity for the Humira drug. Despite this setback, the company remains confident that it will continue performing well as its other drugs make up for the loss of Humira exclusivity.