AbbVie Stock Lower on Humira Patent Ruling

Shares of AbbVie (ABBV) were lower by 2.26% to $65.34 on Wednesday morning, after the U.S. Patent and Trade Mark Office's Patent Trial and Appeals Board ruled Tuesday in favor of a challenge from Coherus BioScience (CHRS) relating to AbbVie's rheumatoid arthritis drug Humira.

The drug is responsible for more than 60% of AbbVie's top line, Barron's noted, and has been pressured by similar products overseas. The company's patent is set to expire soon, allowing challenges from competitors.

Coherus stock was climbing by 8.39% to $23.90 on heavy trading volume this morning.

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