NEW YORK (TheStreet) -- AbbVie (ABBV) - Get AbbVie, Inc. Report stock is up by 0.31% to $59.09 in early afternoon trading on Tuesday, after the company submitted a supplemental new drug application to the U.S. Food and Drug Administration.
The company applied to gain approval to use Imbruvica as a first treatment for patients over 65 years old with chronic lymphocytic leukemia, AbbVie said in a statement.
Imbruvica, which is jointly developed and commercialized with Janssen Biotech (JNJ) - Get Johnson & Johnson (JNJ) Report, is currently approved for a second treatment for chronic lymphocytic leukemia.
TheStreet's Bryan Ashenberg and Bob Lang of Trifecta Stocks have identified AbbVie as the "Chart of the Day." Here is what Ashenberg and Lang had to say about the company:
Biotech and big pharma have been some of the biggest names hit in the latest distribution of the bearish market. Some, like Gilead (GILD) - Get Gilead Sciences, Inc. (GILD) Report have been holding their ground, but others have not. Cue AbbVie, a spinoff from years ago of Abbott Laboratories (ABT) - Get Abbott Laboratories Report.
ABBV has been a solid performer and reached new highs in July, only to come tumbling down hard. We see awful relative strength, and in the volume box, sellers have been lining up one after another. There is some support around $56 or so, but we wouldn't reach for it unless it decided to consolidate and turn higher. The downtrend lines are in place, and the Moving Average Convergence Divergence is not close to a buy signal. We would wait for some sort of sideways action here.
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