5 Stocks Cathie Wood is Selling

2. AbbVie Inc. (NYSE:ABBV)

Number of Hedge Fund Holders: 82  

AbbVie Inc. (NYSE:ABBV) is another biopharma stock that ARK Investment sold off entirely in the third quarter of 2021, according to the latest data. The company, based in Illinois, is one of the largest drug firms in the world. It recently obtained regulatory approval for Vuity, a drug developed for the treatment of age-related farsightedness. It has also posted positive data from a study into Rinvoq, a drug for the treatment of psoriatic arthritis. 

Piper Sandler analyst Christopher Raymond recently maintained an Overweight rating on AbbVie Inc. (NYSE:ABBV) stock and raised the price target to $129 from $124, noting the shares were an “attractive” large-cap opportunity for investors. 

At the end of the second quarter of 2021, 82 hedge funds in the database of Insider Monkey held stakes worth $5.3 billion in AbbVie Inc. (NYSE:ABBV), up from 72 in the preceding quarter worth $5.9 billion.