Abbott Labs (ABT) PT Raised to $140 at Cowen Ahead of ESC 2021 Where Positive Data is Expected

Cowen analyst Joshua Jennings raised the price target on Abbott Labs (NYSE: ABT) to $140.00 (from $125.00) ahead of ESC 2021, expecting 2 positive data releases for CardioMEMS and Amulet.

The analyst reiterated an Outperform rating, stating "ABT has already submitted the CardioMEMS data to the FDA, which to us is a clear sign that they are positive. Meanwhile, the Amulet results were strong enough to support the device's recent FDA approval. ABT's decision to host separate analyst events to review these data adds to our conviction." The analyst went on to detail "On Friday, August 27, the results of the Guide-HF trial of CardioMEMS will be presented during a "Hot Line" session at this year's European Society of Cardiology Congress. The study examines the use of CardioMEMS outside the device's existing indication of reducing heart failure hospitalizations and improving quality of life in previously hospitalized patients with NYHA class III symptoms. Specifically, Guide-HF evaluates whether CardioMEMS
reduces all-cause mortality in addition to heart failure hospitalizations and whether the device's benefits extend to NYHA class II and class IV patients and symptomatic patients with elevated natriuretic peptides (BNP and NT-proBNP) without a prior heart failure hospitalization. If positive, the Guide-HF results should support an expansion of
CardioMEMS's U.S. label."

You May Also Be Interested In

• Wolfe Research Upgrades Abbott Labs (ABT) to Outperform
• Travel Food Services (TRAVELFO:IN) PT Raised to INR1,600 at ICICI Securities
• Fiserv (FISV) PT Lowered to $60 at Freedom Broker