AbbVie Stock Plunges 3,5%: What’s The Reason?

In the second half of the month of August, the price remained stable and high compared to the first half. It has been worsening until the 10th of August, decreasing by $ 0.5 every day. As a result, the worth plummeted from $ 116.3 to $ 113.6. Then it commenced to surge and by August 17 it was trading at $ 119.6. Until August 31, it fluctuated between $ 119 and $ 121. However, on the first day of September, the price plummeted, losing 10% in a day. The stock is currently trading at $ 112.2. What is the reason for the sharp drop in prices?
AbbVie Stock Plunges 3,5%: What's The Reason?Shares of AbbVie (ABBV) fell by 7.8% on the day trading session on Wednesday after the decision from the Food and Drug Administration. As part of regular clinical trial data review, the FDA declared today that all the inhibitors of Janus kinases (JAK), approved for use in the US for the treatment of arthritis, will now be sold with a warning label to their users that these drugs increase the risk of serious heart-related events, cancer, blood clots, and even death. AbbVie’s Rinvoq is one of these JAK-inhibiting prescription drugs.