Abbott Laboratories trading at a record high today
Today, Abbott Laboratories (ABT) opened trading ~2.9% higher than the previous trading day’s closing price of $68.79. The stock has maintained its bullish trend during the day, registering a record high at $71.68. The stock is up ~3.2% during afternoon trading. The jump in ABT’s stock price was triggered by positive study results announced by Abbott Laboratories yesterday for its Mitraclip, a minimally invasive technology for the treatment of mitral valve regurgitation.
Mitraclip is one of the key products in Abbott’s portfolio. It was approved in the United States in 2013 and Europe in 2008 for primary mitral regurgitation in patients ineligible for open heart surgery. Mitraclip has treated over 70,000 patients with mitral regurgitation. As per Abbott Laboratories, nearly 4 million people suffer from the condition in the United States.
COAPT study results triggered a spurt in ABT stock prices
The COAPT (Cardiovascular Outcomes Assessment of the MitraClip Percutaneous Therapy) study was conducted to investigate the safety and efficacy of Mitraclip plus medical therapy versus only medical therapy for heart failure patients with functional mitral regurgitation.
The study met safety as well as efficacy endpoints and all the secondary endpoints. The results showed that the Mitraclip plus medical therapy treatment option resulted in reduced rates of heart failure hospitalizations and improved survival at two years. Hospitalizations were reported at 35.8%, compared to 67.9% of hospitalizations reported for patients treated with only medical therapy. The mortality rate was reported at 29.1%, compared to 46.1% for patients treated with only medical therapy.
Analysts raised their target prices on ABT stock on positive study results
Triggered by Abbott’s positive Mitraclip study data results yesterday, Raymond James and Wells Fargo raised their target prices on ABT stock today from $72 to $77 and $77 to $80, respectively.
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