Ken Griffin Increases Stake in AbbVie by 547%
Billionaire hedge fund manager Ken Griffin significantly increased his stake in healthcare giant AbbVie (NYSE: ABBV) by purchasing an additional 2.68 million shares, boosting Citadel's exposure to the stock by 547%. The move comes as part of a broader strategy where Griffin has been acquiring undervalued stocks that are now paying off—AbbVie is currently trading at around $260 per share compared to Citadel’s average purchase price of $214.90. Griffin, who first invested in AbbVie in 2013, sees long-term value due to the company's status as a Dividend King with over five decades of consecutive dividend increases and strong free cash flow generation. In addition, AbbVie is acquiring Apogee Therapeutics for $10.9 billion to gain access to Zumilokibart, an atopic dermatitis therapy that could become a blockbuster drug due to its extended dosing schedule. While the acquisition adds debt to AbbVie’s balance sheet and won’t boost earnings until 2032, investors have been reassured by recent stock performance. Shares are up about 13% in 2026 despite initial concerns over leverage.
