Why Jim Cramer Doesn't Understand the Run in AbbVie Stock

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On Monday, AbbVie  (ABBV) - Get AbbVie, Inc. Report stock closed at $117.63, outpacing the daily gain of the S&P 500.

While the stock is a holding in Jim Cramer's Action Alerts PLUS portfolio, Cramer told AAP senior analyst Jeff Marks that he can't quite place a catalyst for the stock's run.

Cramer speculated that something could be happening behind the scenes at AbbVie, as he doesn't believe the dividend is enough to justify buying the stock. In fact, Cramer added that components that attracted him to AbbVie, namely its 2020 acquisition of Allergan, has lost their luster due to inaction from management. 

"Allergan was the gem and I don't see that gem anymore," Cramer said. 

As of intraday trading Tuesday, AbbVie traded 0.17% higher to $117.83.

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