Why is Agilent Technologies (A) stock up today?
Agilent Technologies rises after FDA approves its PD-L1 companion diagnostic test for multiple gastrointestinal cancers, adding to an analyst price-target upgrade and a broadly positive market day.
What happened
Agilent Technologies is trading at $135.20, up 0.87% on the day, with the dominant catalyst being the FDA's approval of its PD-L1 IHC 28-8 pharmDx assay as a companion diagnostic — a test that helps doctors identify which patients with esophageal squamous cell carcinoma (ESCC), gastric, gastroesophageal junction (GEJ), and esophageal adenocarcinoma cancers may be eligible for Bristol Myers Squibb's immunotherapy drugs Opdivo or Opdivo Qvantig. Companion diagnostic approvals are commercially meaningful for Agilent because they embed the company's test into the standard-of-care workflow for those cancer types, generating recurring diagnostic revenue tied to patient treatment decisions.
Adding to the positive tone, Baird raised its price target on Agilent to $160 from $158 on July 13 while maintaining an Outperform rating, signaling continued analyst confidence in the company's outlook. That followed a recent earnings quarter in which Agilent reported EPS of $1.49 against an estimate of approximately $1.41, and revenue of $1.83 billion. The company's trailing earnings growth stands at 60% year-over-year, with revenue growing 10% and a forward P/E ratio of 20.4, suggesting the market is pricing in continued improvement.
Technical analysis coverage from ChartMill also highlighted Agilent today, noting an 8/10 Technical Rating and 9/10 Setup Quality, describing the stock as in a solid uptrend with a tight consolidation near a resistance zone. While technical commentary does not drive fundamentals, it can attract additional attention from momentum-oriented market participants.
The broader market is providing a supportive backdrop, with the S&P 500 (^GSPC) up 0.38% and the Nasdaq-100 (QQQ) up 1.12% on the day. Macro data this week included CPI figures released July 14, with Core CPI year-over-year coming in at a forecast 2.8% versus the prior 2.9%, a modest cooling that has generally been welcomed by equity markets. Agilent currently carries a market cap of approximately $38.2 billion and a trailing P/E ratio of 27.1.
As of midday July 15, Agilent's stock has traded in a range of $132.89 to $135.80. The FDA companion diagnostic approval anchors the day's move, with the analyst price-target increase and a constructive market environment serving as secondary supports.
The catalysts, cited
FDA approves Agilent's PD-L1 IHC 28-8 pharmDx assay as companion diagnostic for Bristol Myers Squibb's Opdivo in GI cancers
MT Newswires
Agilent receives FDA approval for PD-L1 IHC 28-8 pharmDx in ESCC, gastric, GEJ, and esophageal adenocarcinoma
Business Wire
Baird raises Agilent Technologies price target to $160 from $158, maintains Outperform rating
MT Newswires
Agilent Technologies shows strong technical breakout setup with 8/10 Technical Rating and 9/10 Setup Quality
ChartMill
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Why is Agilent Technologies stock going up today?
Agilent received FDA approval on July 14 for its PD-L1 IHC 28-8 pharmDx companion diagnostic test, which will be used to identify patients with several gastrointestinal cancers who may be eligible for Bristol Myers Squibb's Opdivo immunotherapy. This type of approval creates recurring, embedded diagnostic revenue and is viewed as a meaningful commercial win.
What is the FDA approval that is moving Agilent stock?
The FDA approved Agilent's PD-L1 IHC 28-8 pharmDx assay as a companion diagnostic — a laboratory test doctors use to determine which patients with esophageal squamous cell carcinoma, gastric cancer, gastroesophageal junction cancer, and esophageal adenocarcinoma are eligible for treatment with Bristol Myers Squibb's drugs Opdivo or Opdivo Qvantig.
What did analysts say about Agilent stock recently?
Baird raised its price target on Agilent to $160 from $158 on July 13, while maintaining an Outperform rating. The adjustment came after Agilent reported earnings per share of $1.49 for its most recent quarter, above the estimate of approximately $1.41, on revenue of $1.83 billion.
Is the whole market up today or is it just Agilent?
Both are contributing: the broader market is also positive, with the S&P 500 up 0.38% and the Nasdaq-100 up 1.12% on the day. However, the FDA companion diagnostic approval and the analyst price-target increase are specific catalysts for Agilent beyond the general market tailwind.