As previously reported, Jefferies analyst Jeffrey Holford upgraded Abbott Laboratories (ABT) to Buy and raised his price target for shares to $55 from $49. Holford believes that Abbott's growth in emerging markets will remain solid given the defensive nature of its products and he expects management to keep driving margin improvement and strong earnings growth. The upgrade of Abbott comes amid a reorganizing of Jefferies' global pharma rankings for 2016, Holford noted, listing AbbVie (ABBV) as the firm's top pick, Eli Lilly (LLY) in second place and Pfizer (PFE) in third place.

AbbVie announced positive top-line results from SELECT-GCA, a Phase 3, multicenter, randomized, double-blind, placebo-controlled study, showing upadacitinib in combination with a 26-week steroid taper regimen achieved its primary endpoint of sustained remissiona from week 12 through week 52 in adults with giant cell arteritis. In this study, 46% of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained remission compared to 29 percent of patients receiving placebo in combination with a 52-week steroid taper regimen. Key secondary endpoints were also met, including a higher percentage of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained complete remissionb from week 12 through week 52 compared to patients receiving placebo in combination with a 52-week steroid taper regimen. A lower percentage of patients experienced at least one disease flare through week 52 in the upadacitinib 15 mg group versus the placebo group. The study results also showed that upadacitinib 7.5 mg did not meet the primary or any of the secondary endpoints.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Shares of sleep apnea device makers ResMed (RMD) and Inspire Medical (INSP) are moving in opposite directions after Eli Lilly (LLY) announced topline results of the SURMOUNT-OSA Phase 3 clinical trials, showing tirzepatide injection significantly reduced the apnea-hypopnea index, or AHI, compared to placebo, achieving the primary endpoints of the studies. After initially moving... To see the rest of the story go to thefly.com. See Story Here

Says pipeline contributing at an "accelerated level." Says more opportunities vs. risks going forward. Targeting about 70 bps in gross margin improvement in FY24. Says FX challenges still remain. Says all business segments "super well aligned" to demographics, health care trends.

Unusual total active option classes on open include: Steel Dynamics (STLD), Gildan Activewear (GIL), Danaher (DHR), Altimeter Growth (GRAB), Childrens Place (PLCE), ASML (ASML), US Bancorp (USB), iShares Barclays 7 to 10 Year Treasury Bond Fund (IEF), AMC Entertainment (AMC), and Abbott (ABT).

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here

Shares of sleep apnea device makers ResMed (RMD) and Inspire Medical (INSP) are slipping in early trading after Eli Lilly (LLY) announced topline results of the SURMOUNT-OSA phase 3 clinical trials that showed tirzepatide injection significantly reduced the apnea-hypopnea index, or AHI, compared to placebo, achieving the primary endpoints of the studies. SURMOUNT-OSA Study 1 evaluated tirzepatide, which Lilly identifies as "the only approved GIP and GLP-1 treatment for chronic weight management, commercialized as Zepbound in the U.S. and Mounjaro in some global markets outside the U.S.," in adults with moderate-to-severe obstructive sleep apnea, or OSA, and obesity who were not on positive airway pressure, or PAP, therapy for 52 weeks. In Wednesday pre-market trading, ResMed shares are down about 3% to $180, while Inspire shares have slipped about 1% to $220.

Worldwide Medical Devices sales increased 14.2% on a reported basis and 14.3% on an organic basis in the first quarter, including double-digit growth in both the U.S. and internationally.

FY24 consensus $4.59. Abbott narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 8.5%-10.0%, which represents an increase at the midpoint of the range. Prior view was FY24 organic sales growth, excluding COVID-19 testing-related sales, in the range of 8.0%-10.0%. FY24 revenue consensus $41.99B.

Reports Q1 revenue $10B, consensus $9.88B. "Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance," said Robert Ford, chairman and CEO, Abbott. "This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business, which included particularly strong results in Medical Devices and Established Pharmaceuticals."