How to Trade Abbott Labs After FDA Approves Coronavirus Test

Abbott Laboratories  (ABT) – Get Report shares on Monday opened higher on the news that its portable coronavirus test device can detect a positive result in five minutes or less. 

The stock gapped higher at the open with the Abbott Park, Ill., medical-products maker’s shares trading as high as $84.40. 

This was between its semiannual and annual risky levels at $82.77 and $84.46. And that’s where profits should be taken.

The stock subsequently declined to $78.47, creating a price gap to its March 27 high of $77.50.

Abbott Labs makes medical devices with a focus on diabetes monitoring meters. 

The company’s receipt of an emergency clearance from the Food and Drug Administration for a coronavirus test kit is a positive in the efforts to identify people suffering from Covid-19. Here’s the analysis prepared by

The stock opened at $82.83 this morning, marking the shares down 4.6% year to date. 

The stock is in correction territory 10% below its all-time intraday high of $92.45 set on Jan. 22. The stock is also in bull-market territory 32% above its March 23 low of $62.82.

Credits: Thestreet

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