Investors are Watching These 5 Biotech Stocks

2. Abbott Laboratories (NYSE:ABT)

Number of Hedge Fund Holders: 68 

Abbott Laboratories (NYSE:ABT) is an Illinois-based healthcare company. In early June, the company announced that it was in the process of developing a new bio-wearable device that will continuously monitor glucose and ketone levels in one sensor. The firm has already obtained breakthrough device designation from authorities in the US in this regard and the trials for the device are expected in 2023. Per the firm, the new device will have the same size as the FreeStyle Libre 3 continuous glucose monitoring sensor.

On June 24, BTIG analyst Marie Thibault maintained a Buy rating on Abbott Laboratories (NYSE:ABT) stock and lowered the price target to $130 from $140, noting that the firm still offered solid fundamentals despite losing market value due to recession fears. 

Among the hedge funds being tracked by Insider Monkey, Ohio-based investment firm Diamond Hill Capital is a leading shareholder in Abbott Laboratories (NYSE:ABT) with 6 million shares worth more than $721 million.