On July 28, Abbott Laboratories rose 3.07% in regular trading, trading at $108.93/share, with turnover of $344 million.

On the news front, the FDA on July 27 officially approved SimpleScreen CRC, a blood-based colorectal cancer screening test co-developed by Freenome and Abbott. The test targets adults aged 45 and older at average risk for the disease, representing a significant breakthrough in non-invasive colorectal cancer screening. Under the commercial agreement, Abbott will exclusively commercialize the test in the US beginning this fall, while Freenome receives a $100 million milestone payment from Abbott for the FDA approval.

The approval comes on the heels of Abbott's strong Q2 results reported on July 16, in which total revenue reached $12.59 billion (up 13% YoY) with the diagnostics segment surging 42%. The company also raised its full-year adjusted EPS guidance to $5.45-$5.60. Market expectations for accelerated second-half growth have been further reinforced by this new product approval, which opens an additional growth avenue for Abbott's diagnostics business.

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