AbbVie shares hammered by FDA's latest decision

Shares of pharma giant AbbVie (ABBV) fell by 7.05% on Wednesday following a decision from the Food and Drug Administration (FDA) to require a heart-risk warning on the label of its arthritis treatment Rinvoq, which accounts for around 3% of its revenues.

Rinvoq, is one the JAK-inhibiting prescription drugs that the FDA approved for use as arthritis treatments in the United States, but the latest routine reviews of the clinical data revealed that these types of drugs can cause health risks such as heart issues, blood clots, cancer or even death.

The FDA's announcement sparked an understandable sell-off of AbbVie shares, which may represent a buying opportunity for bargain hunters. One way to gain exposure to AbbVie is through Healthcare or Biotechnology ETFs. These two sector focused ETFs have taken off during the peak of the global pandemic and may continue to grow with the emergence of new variants and the boost of vaccination efforts across the world.

The Health Care Select Sector SPDR Fund (XLV) is one of the largest ETFs in that space with $33.6 bn in assets under management. It invests in S&P 500 companies involved in the health sector. Its major holdings include Johnson & Johnson (8.92%), United Health Group Inc. (7.68%) and Pfizer Inc. (5.02%). Abbvie is also among the top 10 holdings with a weight of 3.86%.

For larger exposure to AbbVie, investors can check out the First Trust Nasdaq Pharmaceuticals ETF (FTXH), it's a small pharmaceutical fund with $22.5 million in assets but has a 7.66% exposure to AbbVie.

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