ABBV Options Signal $240 Call Dominance as Put Protection Rises: Here’s How to Play the Bullish-Bearish Split

• ABBV trades at $221.82, down 0.97% with bearish engulfing pattern and RSI near oversold (43.15).
• Next Friday’s options show 16,904 open calls at $240 vs. 3,403 puts at $185—hinting at bullish bets and deep downside hedges.
• Morgan Stanley raised ABBV’s price target to $269, citing Skyrizi/Rinvoq growth, but Aesthetics sales declines add near-term risk.

Here’s the takeaway: ABBV is caught in a tug-of-war between short-term bearish momentum and long-term bullish fundamentals. The options market is pricing in a high-stakes game of breakout or breakdown—and the numbers show where the smart money is leaning.

The Call-Put Imbalance: A Tale of Two Expirations

Next Friday’s options chain tells a story of extremes. The $240 call (ABBV20251219C240) dominates with 16,904 open contracts—the largest single-strike call in the chain. This suggests institutional players are betting on a sharp rebound above $225, the 50-day SMA. Meanwhile, the $185 put (ABBV20251219P185) has 3,403 open contracts, indicating deep hedges against a potential collapse below the 200-day SMA at $185.004.

But here’s the twist: This Friday’s options show a similar split. The $230 call (ABBV20251212C230) has 1,230 open contracts, while the $220 put (ABBV20251212P220) has 717. The block trade of 6,138 shares in the ABBV20251017C230 call (expiring in October) adds intrigue—someone’s locking in a bullish bet with a longer time horizon.

News vs. Options: Do the Numbers Align?

AbbVie’s recent earnings report painted a mixed picture. While Skyrizi and Rinvoq are firing on all cylinders (nearing $18B and $8B in annualized sales), the Aesthetics segment’s 16.7% Juvederm decline is a red flag. Morgan Stanley’s upgraded $269 target hinges on these blockbuster drugs outperforming in 2027—but the options market isn’t fully pricing that optimism yet. The 10.33% implied upside from the $245.37 average analyst target suggests room for a rally, but the $220 put open interest warns: don’t ignore the downside.

Actionable Trade Ideas: Calls for Breakouts, Puts for Protection

For bullish plays, consider buying the ABBV20251219C240 call if ABBV closes above $225 tomorrow. The 200D MA at $205.04 and 100D MA at $218.11 form a key support corridor—break above $225, and the $240 call could see explosive value. For bearish hedges, the ABBV20251219P220 put offers downside insurance if the stock dips below $221.10 (today’s intraday low).

Stock traders: A precise entry near $225 (30D support/resistance range) could work if the 50D SMA at $226.13 holds. Target $235–240 if the 200D MA’s bearish influence fades. For a short-term play, consider selling ABBV near $221.10 if it tests the lower Bollinger Band at $220.83—stop loss below $217.50.

Volatility on the Horizon: Balancing Bullish Hope and Bearish Caution

ABBV’s options market is a chessboard of conflicting signals. The $240 call dominance hints at a potential breakout play, but the $185 put open interest reminds us this stock isn’t out of the woods. With Skyrizi’s growth trajectory and Morgan Stanley’s upgraded target, the long-term case is intact—but near-term volatility from Aesthetics sales and earnings revisions could shake things up. Your edge? Use the $220 put as a safety net while positioning for a rebound above $225. The next few days will tell if this is a buying opportunity or a warning shot.