Why did Abbott Laboratories rise on 5 October?
Written after the close on
Abbott Laboratories +2.67%
Abbott jumps on FDA clearance for heart device. Abbott Laboratories fell slightly over the last five trading days, moving against a rising market and holding up better than a clearly weaker healthcare sector, with the softness coming early in the week before a sharp rebound in the latest session. That final jump most likely reflects FDA approval of new patient-facing capabilities for its CardioMEMS heart-monitoring system, which lets care teams give patients a direct role in watching their heart pressure at home. The mid-week slide was likely partly sentiment-driven, as investors weighed a stock that had already drifted lower over the past month against fresh product launches like the SimpleScreen CRC blood test for colorectal cancer screening. What to watch next is the third-quarter earnings report due in late October, which should show whether devices and diagnostics are still carrying growth.
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