By Sam Boughedda
Investing.com — Shares of AbbVie Inc (NYSE:ABBV) fell 5% in Wednesday’s session after the announcement that Vice Chairman and President Michael Severino would be leaving the company.
In a regulatory filing, AbbVie said Severino will be joining a “bioplatform innovation company as CEO-Partner and as CEO of one of its companies,” effective May 31.
However, Wells Fargo (NYSE:WFC) analyst Mohit Bansal said in a note to clients, quoted by TheFly, that he believes the weakness in AbbVie’s shares is a buying opportunity.
The analyst, who has an overweight rating and $165 price target on the stock, thinks the weakness was because some investors viewed Severino as a potential successor to Chief Executive Richard Gonzalez.
Bansal added that AbbVie told him that Severino’s departure would not affect its succession planning process and that it is still on track for 2023.
Severino departing will not be “hugely disruptive to either succession planning or R&D strategy,” wrote the analyst.
Despite Wednesday’s fall, AbbVie stock is still up 17.35% in 2022.