5 Best Stocks To Buy Before the 2023 Recession

3. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 80 

AbbVie Inc. (NYSE:ABBV) was incorporated in 2012 and is headquartered in North Chicago, Illinois. The company discovers, develops, manufactures, and sells pharmaceuticals worldwide. On January 6, AbbVie Inc. (NYSE:ABBV) signed a collaboration agreement with Immunome, Inc. (NASDAQ:IMNM) to discover up to 10 novel antibody-target pairs for cancer treatments. It is one of the best recession-proof stocks to consider. 

On January 5, Truist analyst Robyn Karnauskas raised the price target on AbbVie Inc. (NYSE:ABBV) to $180 from $160 and kept a Buy rating on the shares. The analyst cited increasing prescription and share growth trends for Skyrizi and Rinvoq, in addition to growth in Botox in the aesthetics mark for the target raise. 

According to Insider Monkey’s data, 80 hedge funds were long AbbVie Inc. (NYSE:ABBV) at the end of Q3 2022, compared to 71 funds in the last quarter. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is a prominent stakeholder of the company, with a position worth $431.60 million. 

Here is what Baron Funds specifically said about AbbVie Inc. (NYSE:ABBV) in its Q3 2022 investor letter:

“AbbVie Inc. (NYSE:ABBV) is a drug developer best known for Humira, an immunosuppressant that is the best selling drug of all time. Given outsized key product risk (patent cliff and generic launches beginning in 2023), AbbVie has broadened its pipeline, highlighted by its Allergan acquisition. Shares fell on results that missed consensus and indications that legacy franchises were outperforming newer product launches, calling into question AbbVie’s long-term strategy. With promising assets in the pipeline and its robust cash flow profile, we believe AbbVie will grow well into the future.”

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