ABT Options Traders Pour In as Stock Hits New High

ABT stock could receive more price-target hikes like it saw today

Jan 22, 2020 at 3:12 PM
facebook twitter linkedin


Abbott Laboratories (NYSE:ABT) is in the winner's circle once again today thanks to the company's impressive quarterly sales update. The healthcare stock was last seen 2.8% higher at $92.21, earlier tagging an all-time high of $92.45, and options traders are moving in.

Overall, calls are crossing at four times the expected rate, outpacing puts by more than 2-to-1. Traders are opening new positions at the February 95 call, along with the weekly 1/24 93-strike call. Still, call open interest sits in just the 6th annual percentile.

ABT shares were running hot even before today, evident by their 14-day Relative Strength Index (RSI) of 70, showing overbought conditions. To that extent, there has been some bearish activity, with short interest rising 6.9% in the past two reporting periods, putting a solid 4.3 days' worth of buying power into these bears' hands, based on average trading volumes.

Analysts, though, love the stock, with nine of the 11 in coverage handing out "strong buy" recommendations. Just today, CFRA Research came in and hiked its price target to $99 from $95. More bullish attention could be coming since the average 12-month price target stands right overhead at $96.21.

 

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!