AbbVie and Coherus Biosciences were both off to a relatively normal start in the market today. While both were trading in the green, they weren’t gaining by much. That is, until minutes ago. At the moment, ABBV is spiking and CHRS is falling apart. Below, we’ll talk about what we’re seeing in the market, why, and what we can expect to see from these stocks ahead.
ABBV Climbs While CHRS Takes A Dive
As mentioned above, both AbbVie and Coherus Biosciences were off to a relatively normal start to trading today. While the stocks were both in the green, the movement wasn’t anything to write home about. Nonetheless, that changed minutes ago, with ABBV soaring and CHRS taking a dive. Currently (12:14), the stocks are trading at $60.06 per share and $25.20 per share respectively. This comes after ABBV has seen a gain of $4.02 per share (7.17%) and CHRS fell $2.95 per share (10.48%) thus far today.
Why Are These Stocks Moving?
As soon as we noticed the movement in the market, the CNA Finance team started to dig to see what was causing the movement. It didn’t take long to dig up the cause in this case. In fact, the movement in both AbbVie and Coherus Biosciences has to do with a IP case.
According to social chatter, ABBV has won their case against CHRS with regard to Humira patent infringement. However, the ruling hasn’t been confirmed by the courts, nor by either company.
What We’ll Be Watching Ahead
Moving forward, if this rumor is true, it will prove to be a great thing for ABBV and a horrible thing for CHRS. For AbbVie, the company will prove, once again, that it is capable of protecting its intellectual property. In the case of Coherus Biosciences, the company will likely take a big hit with regard to the cost of the ruling. Nonetheless, as the story unfolds, we’ll keep you posted!
UPDATE – It has been confirmed that the CHRS patent application has been denied!
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[Image Courtesy of Pixabay]