Glenview's Larry Robbins Believes AbbVie 'under Appreciated'

Larry Robbins, founder of Glenview Capital Management, said Monday at the Sohn Investment Conference that he likes AbbVie Inc. and believes it is trading relatively "cheap." AbbVie's pipeline is under appreciated and it will be difficult for competitors to make a generic version of its Humira, a drug to treat rheumatoid arthritis and Crohn disease, he said. However, the biopharmaceutical company is running the "wrong way around the bases" and there are opportunities for it to reduce costs, said Robbins. Shares of AbbVie came off of earlier highs to trade at $64.53, up 0.3%.