NEW YORK (TheStreet) -- Shares of Abbott Laboratories (ABT) - Get Report were sliding in late-morning trading on Wednesday despite the FDA today granting approval of the Chicago-based company's FreeStyle Libre Pro system.
The health care company's FreeStyle Libre Pro system continually monitors glucose levels for patients with diabetes. The system gives a snapshot of hypoglycemic patterns and trends in glucose data, Abbott said in a statement.
Abbott said the FreeStyle Libre Pro is a part of its sensing technology product line.
Additionally, a recent SEC filing indicated that mediation talks between Abbott and the Waltham, MA-based diagnostic device provider Alere (ALR) have dissolved.
TheStreet's David Marcus said Alere is likely to proceed with a lawsuit in Delaware Chancery Court where it's trying to force Abbott's $5.6 billion purchase of Alere.
The deal's progress slowed once Alere announced it had been subpoenaed by the Justice Department over its sales practices in Africa, Asia and Latin America.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
TheStreet Ratings team rates Abbott as a Buy with a ratings score of B-. This is driven by several positive factors, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.