Abbott (NYSE: ABT), an American pharmaceutical company, said that it has bagged the U.S. Food and Drug Administration’s approval for its Aveir single-chamber (VR) leadless pacemaker to treat slow heart rhythms in patients.
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The approval has been received on the back of LEADLESS II phase 2 investigational device exemption study, which concluded that the device met its pre-specified primary endpoints.
Abbott’s pacemaker doesn’t require the traditional process of an incision in the chest. The company said that its “mapping system allows to measure electrical signals within the heart and determine the correct placement of the device before final implantation.”
The Senior Vice-President at Abbott’s Cardiac Rhythm Management unit, Randel Woodgrift, said, “The Aveir VR leadless pacemaker was designed to make the implantation and retrieval processes as seamless as possible for physicians and provide improvements over existing options. Our goal is to continue to build on the success of Aveir to provide more first-of-their-kind products in the future, revolutionizing how abnormal heart rhythms are treated.”
Stock Rating
BTIG analyst Marie Thibault maintained a Buy rating on Abbott with a price target of $138.00, implying 16.1% upside potential from current level.
The Street has a bullish outlook on the stock with a Strong Buy consensus rating based on eight Buys and one Hold. Abbott’s average price forecast of $143.22 implies upside potential of about 20.5% from current levels.
Hedge Fund Trading Activity
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Abbott is currently Positive, as the cumulative change in holdings across all 27 hedge funds that were active in the last quarter was an increase of 252,100 shares.
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