AbbVie stock dips after cancer drug trial setback

AbbVie ABBV.N stock dipping 0.4% on Mon after its blood cancer treatment, Venclexta, failed to meet the main goal in a late-stage trial

Venclexta was tested in newly diagnosed patients with higher-risk myelodysplastic syndromes (MDS), but did not significantly improve overall survival

Despite trial setback, Venclexta's current approvals remain unaffected; drug is also approved for leukemia and jointly developed with Roche ROG.S

ABBV's stock up about 7% YTD, outperforming S&P 500 .SPX which rose 3% in same period

Stock recently traded at 15x expected earnings, above its 5-year avg forward PE of 12

Shares are about 13% below 52-week intraday high of $218.6 reached on March 10