Abbott reiterated as a top pick by RBC

RBC Capital Markets analyst Phil Nalbone reiterated Abbott Laboratories at a top pick, average risk, rating with a $55 price target. Abbott reported positive results in its phase 3 study of Humira in the treatment of psoriasis. U.S. and European regulatory submissions could happen in early 2007, according to the analyst. Also, within three years of launch, Nalbone estimates peak annual sales for the psoriasis indication could reach $500 million. RBC expects total Humira sales this year of $2.03 billion, up 45% from 2005. Shares of the Abbott Park, Ill.-based biopharmaceutical company were down 79 cents, or 1.68%, at $46.35. (NYSE: ABT)

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