Benzinga | Sep 1, 2021 03:49PM EDT

Why AbbVie's Stock Is Trading Lower Today

AbbVie Inc. (NYSE:ABBV) shares are trading lower as traders circulate an earlier updated FDA warning on the company's Xeljanz.

"Based on a completed U.S. FDA review of a large randomized safety clinical trial, we have concluded there is an increased risk of serious heart-related events such as heart attack or stroke, cancer, blood clots, and death with the arthritis and ulcerative colitis medicines Xeljanz and Xeljanz XR," said in the FDA filing.

"We are requiring new and updated warnings for two other arthritis medicines in the same drug class as Xeljanz, called Janus kinase (JAK) inhibitors, Olumiant (baricitinib) and Rinvoq (upadacitinib)," also said in the filing.

AbbVie Inc. discovers, develops, manufactures, and sells pharmaceuticals in the worldwide.

AbbVie's stock was trading about 7.7% lower at $111.50 per share on Tuesday, The stock has a 52-week high of $121.50 and a 52-week low of $79.11.