Sam Boughedda

Investing.com — Shares AbbVie Inc (NYSE:) climbed 1.8% Friday following the approval of the U.S. Food and Drug Administration’s arthritis drug.

Rinvoq is approved for the treatment of adults suffering from active, psoriatic, arthritis.

AbbVie claimed that two clinical trials with multiple disease activity were part of the approved approval.

Rinvoq can be used to reduce joint swelling, pain and stiffness as well as fatigue. After being approved in 2019 for rheumatoid joint arthritis, this approval marks the second.

Michael Severino vice-chairman and president of AbbVie said that the new approval “underlines our mission to provide a range of therapies that can assist more people with rheumatic disorders achieve disease control.”

Piper Sandler’s analyst maintained an overweight rating for the stock with $160 target, but informed investors via a note that Rinvoq has been given a better than expected atopic dermatitis label.

Analyst: “With the combination of what appears to be benign warning language, and flexibility on dosing we believe the drug has the potential to capitalize on the largely positive dermatologist feedback about this opportunity,” explained the analyst.