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Abbvie shares rising in New York on eczema drug news

The news led to a fall in rival Regeneron (NASDAQ:REGN), which shed over 5.6%
Abbvie shares rising in New York on eczema drug news
eczema is a skin condition

US drugs giant Abbvie (NYSE:ABBV) gained 6% in New York on news of its drug upadacitinib, which has met a mid-stage study goal.

The candidate is used to treat adults with moderate-to-severe eczema - a chronic skin disorder. 

The news in turn led to a fall in US rival Regeneron (NASDAQ:REGN), which shed over 5.6% to stand at $472 each.

Regeneron's drug Dupixent was approved by the US Food and Drug Administration in March this year.

Broker Jefferies said in a note that AbbVie’s mid-stage trial data for its drug, upadacitinib, seemed comparable to Dupixent’s late-stage data and the two treatments could be competitors.

Abbvie reportedly is planning a late-stage study for upadacitinib next year, and shares rose nearly 3% in late morning trading.

Abbvie shares were up 6.19% at the time of writing at $81.82 each.

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