ABT stock falls on market sell-off despite analyst upgrade
On October 10, Abbott Laboratories (ABT) ended the trading day at $68.92, down ~3.3% from the previous day’s close. On the day, Morgan Stanley raised its target price on ABT stock from $70 to $80. However, the stock price dropped as the broader market sell-off pulled down ABT stock prices along with a large number of other healthcare stocks. The SPDR S&P 500 ETF (SPY) was down ~3.2% on October 10.
Peers Medtronic (MDT), Boston Scientific (BSX), and Johnson & Johnson (JNJ) fell by 1.2%, 3.5%, and 1.1%, respectively, on the day. The Health Care Select Sector SPDR ETF (XLV) registered a decline of ~2.4% on October 10.
Q3 earnings impact on ABT stock price
ABT stock recently registered a 52-week high of $74.15 on October 1. Since that day, the stock has fallen ~7.1%. Abbott Laboratories will announce its Q3 earnings results on October 17 before the market opens. The company is expected to register yet another quarter of strong results that might trigger an upward stock movement on the day. However, if there are any negative updates, the stock might trend downwards.
Abbott Laboratories was trading at its 52-week low of $53.61 on November 1, 2017. As of October 10, the stock is trading ~0.10% lower than its 50-day moving average of $68.99 and ~8.5% higher than its 200-day moving average of $63.54.
Year-to-date, ABT stock has registered a rise of 20.8%, and the stock has risen ~24.4% in the last year. However, over the last month, Abbott Laboratories has returned ~3.6% and it has declined ~4.3% over the last week.
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