On July 30, Abbott Laboratories fell 3.08% in regular trading, trading at $104.91/share, with turnover of $193 million. The decline was driven by multiple investment banks cutting their price targets on the stock, intensifying short-term profit-taking pressure.

Specifically, UBS lowered its target price on Abbott from $132 to $125 while maintaining a Buy rating, and Rothschild & Co Redburn reduced its target from $126 to $119, maintaining a Neutral rating. According to FactSet, the average analyst price target stands at $118.62 with an overall Overweight consensus rating.

The pullback comes after a strong rally earlier this month. Abbott surged as much as 14% on July 16 following Q2 results that beat expectations — adjusted EPS of $1.31 versus $1.28 estimated, revenue of $12.59 billion versus $12.52 billion expected — with its diagnostics segment posting 42% year-over-year growth. Additionally, FDA approval of the SimpleScreen CRC blood-based colorectal cancer screening test on July 27 further boosted shares. The successive target price cuts now appear to have triggered near-term selling as investors lock in gains.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)