Is Abbott Laboratories Stock a Buy?
Investors have been bullish on Abbott Laboratories (NYSE: ABT) this summer, especially since Aug. 26, when the U.S. Food and Drug Administration (FDA) granted the company's BinaxNOW COVID-19 rapid test an emergency use authorization (EUA). Not only can the test produce results in as few as 15 minutes, but it's also very affordable, costing just $5 a pop.
The EUA is great news for the Illinois-based company, and means that Abbott Laboratories should experience continuous demand as long as the number of coronavirus cases continues to prove a problem for the U.S. and other countries around the world. But with shares of Abbott already up about 20% this year (the S&P 500 is up around 5%) and recently hitting new highs, investors may be wondering if they've missed the boat, and if it's too late to invest in the stock.
On July 16, Abbott released its second quarter results for the period ended June 30. and reported earnings and revenue above analyst expectations. Although it was a difficult period for the economy, in which many businesses were shut down and had a difficult time getting products in front of consumers due to stay-at-home orders, Abbott's net sales of $7.3 billion were down a relatively modest 8.2% from the same period last year.
Source Fool.com
