Baxter Intl (NYSE:BAX) Stock

Baxter Intl

Baxter offers a variety of medical supplies and equipment to providers. From its legacy operations, Baxter sells injectable therapies for use in care settings, including IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents. Baxter expanded its portfolio of hospital-focused offerings by acquiring Hillrom in late 2021, which added basic equipment like hospital beds, operating room equipment, and patient monitoring tools to the portfolio. Baxter also sold its kidney care tools in early 2025.

Baxter International

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Baxter International exceeded Q4 earnings and revenue estimates, with strong pharmaceutical sales. The company issued a mixed 2025 outlook amid cost pressures.

Baxter Q4 Earnings Beat Expectations, Issues Strong 2025 Outlook

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Bausch + Lomb&#39;s efforts to sell have so far been unsuccessful. Meanwhile, KKR is aggressively pursuing a deal for Fuji Soft.

Deal Dispatch: PharmChem Forgoes Banker To Run Sale, TGI Fridays Sells 19 Restaurants For $3.1 Million

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Baxter International Inc

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JP Morgan analyst Robbie Marcus maintains Baxter Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) with a Neutral and lowers the price target from $38 to $36.

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JP Morgan Maintains Neutral on Baxter Intl, Lowers Price Target to $36

On Thursday, Baxter International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>)&nbsp;reported a fourth-quarter 2024 adjusted EPS of 58 cents, beating the management guidance of 50 cents-53 cents and the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">Wall Street estimate of 52 cents</a>.
The medical device company <a target="_blank" href="https://www.benzinga.com//node/43844310" rel="noreferrer noopener">reported sales of</a> $2.75 billion, up 1% year over year (+2% on a constant currency basis), beating the consensus of $2.67 billion.
The fourth quarter&#8217;s top-line performance exceeded previous guidance, driven by better-than-expected sales in the company&#8217;s Medical Products &amp; Therapies and Pharmaceuticals segments.&nbsp;
Also Read: <a target="_blank" href="https://www.benzinga.com/24/12/42274583/morgan-stanley-maintains-positive-medtech-outlook-despite-setbacks-in-2024-upgrades-intuitive-surgical-and-stryker-downgrades-nevro-and-glaukos" rel="noreferrer noopener">Morgan Stanley Maintains Positive MedTech Outlook Despite Setbacks in 2024, Upgrades Intuitive Surgical And Stryker, Downgrades Nevro And Glaukos</a>
Medical Products &amp; Therapies&nbsp;sales were flat at $1.31 billion at reported rates and up low single digits at constant currency rates due to reduced sales of IV solutions, which, as expected, declined due to the impact of Hurricane Helene.
Infusion systems product portfolio, parenteral nutrition products, and strong demand for Advanced Surgery products drove the growth.
Pharmaceutical unit sales increased 8% to $643 million, driven by double-digit growth in specialty injectables, reflecting continued momentum from recent new product launches and ongoing strength in Drug Compounding.
Healthcare Systems &amp; Technologies&nbsp;sales declined 1% to $784 million. Sales growth in the U.S. Care and Connectivity Solutions division was fueled by strength in the Patient Support Systems business due to upgrades from existing customers and new competitive wins, offset by select product/market exits.
Guidance: Baxter expects 2025 adjusted EPS of $2.45-$2.55 versus consensus of $2.47, with sales growth of 5%-6% on a reported basis and 4%-5% on an organic basis.
Baxter expects Q1 2025 adjusted EPS of $0.47-$0.50 versus consensus of $0.52, with sales growth of 3%-4% on a reported basis and approximately 4% on an operational basis.
In the third quarter earnings release, Baxter said it anticipates a full-year 2025 adjusted operating margin of approximately 16.5% on a continuing operations basis, which reflects an anticipated 100 basis point negative impact due to stranded costs. The company expects to offset these <a target="_blank" href="https://www.benzinga.com/general/health-care/24/11/41845345/baxter-expects-hurricane-helene-aftermath-to-impact-near-term-financial-outlook" rel="noreferrer noopener">stranded costs in 2027</a>.
Price Action: BAX stock is up 8.14% at $33.33 at the last check on Thursday.
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Photo by JHVEPhoto via Shutterstock

WIIM

Baxter International shares are trading higher after the company reported better-than-expected Q4 financial results.

Baxter Expects Q1 2025 Adjusted EPS Of $0.47-$0.50 Versus Consensus Of $0.52, With Sales Growth Of 3%-4% On Reported Basis And Approximately 4% On Operational Basis

2025 Financial Outlook
For full-year 2025: Baxter expects sales growth from continuing operations of 5% to 6% on a reported basis. On an operational basis,4 Baxter expects sales growth of 4% to 5%. The company expects adjusted earnings from continuing operations, before special items, of $2.45 to $2.55 per diluted share.

Baxter Expects 2025 Adjusted EPS Of $2.45-$2.55 Versus Consensus Of $2.47, With Sales Growth Of 5%-6% On Reported Basis And 4%-5% On Organic Basis

Baxter Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) reported quarterly earnings of $0.58 per share which beat the analyst consensus estimate of $0.52 by 11.54 percent. This is a 10.77 percent decrease over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $2.75 billion which beat the analyst consensus estimate of $2.67 billion by 2.95 percent. This is a 0.88 percent increase over sales of $2.73 billion the same period last year.

Baxter Intl Q4 2024 Adj EPS $0.58 Beats $0.52 Estimate, Sales $2.75B Beat $2.67B Estimate

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Earnings Scheduled For February 20, 2025

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Earnings Scheduled For February 13, 2025

<h2 class="wp-block-heading">New On The Block</h2>
PharmChem, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PCHM#OTC">PCHM</a>), the go-to name for drug-detecting sweat patches, is officially exploring strategic alternatives (i.e., mergers, acquisitions, or an outright sale). So far, the board of directors expressed confidence that it can handle things solo as opposed to hiring a banker. For interested suitors, a <a href="https://www.benzinga.com/topic/mergers-and-acquisitions">data room officially opened</a>.
Other auction block items this week:
<ul>
<li>Ontario Teachers&#8217; Pension Plan tapped Lazard to run a sale process for compliance software firm Mitratech. Reuters estimates that the transaction could hover around $4 billion.</li>
<li>Recall how Paysafe (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSFE#NYSE">PSFE</a>) went public <a href="https://www.benzinga.com/news/20/12/18678982/paysafe-goes-public-again-in-spac-deal-what-investors-should-know">via a SPAC in 2020</a>. Today, it&#8217;s for sale, according to <a href="https://www.bloomberg.com/news/articles/2025-02-06/paysafe-is-said-to-weigh-sale-after-getting-takeover-interest?srnd=phx-deals">Bloomberg</a>. The firm, backed by billionaire Bill Foley, is receiving takeover interest.</li>
<li>Switzerland-based Bank J. Safra Sarasin is weighing a takeover offer for Denmark&#8217;s Saxo Bank, per <a href="https://www.bloomberg.com/news/articles/2025-02-03/safra-sarasin-is-said-to-explore-deal-for-denmark-s-saxo-bank?srnd=phx-deals">Bloomberg</a>.</li>
</ul>
<h2 class="wp-block-heading">Updates From The Block</h2>
<ul>
<li>Veritas Capital is circling Wall Street data provider Dun &amp; Bradstreet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DNB#NYSE">DNB</a>), per <a href="https://www.bloomberg.com/news/articles/2025-02-07/veritas-is-said-in-talks-to-acquire-data-firm-dun-bradstreet?srnd=phx-deals">Bloomberg</a>. Dun &amp; Bradstreet boasts a $4.9 billion market cap.</li>
<li>Bausch + Lomb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) considered &#8220;a full separation&#8221; from Bausch Health Companies Inc. After engaging with potential buyers, that process did not result in a deal. Full separation remains the goal, the company confirmed. Full-year 2024 earnings will be posted on Feb. 19.</li>
<li>KKR &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) is adamant about buying Japanese tech group Fuji Soft. The private equity firm upped its offer to around $4.3 billion to outbid a rival firm, Bain Capital.</li>
<li>Bain has another deal in the works, should the Fuji Soft one not work out. The firm is close to buying the pharma unit of Mitsubishi Chemical Group (TYO:<a class="ticker" href="https://www.benzinga.com/stock/TYO:4188#TYO">4188</a>). The price tag is expected to be north of $3.3 billion, according <a href="https://www.bloomberg.com/news/articles/2025-02-06/bain-is-said-to-near-3-billion-deal-for-mitsubishi-pharma-unit?srnd=phx-deals">to</a> Bloomberg.</li>
</ul>
<h2 class="wp-block-heading">Off The Block</h2>
<ul>
<li>Meanwhile, Bain Capital <a href="https://www.plasticsnews.com/news/hillenbrand-sells-majority-stake-milacron-bain-capital-287m">agreed</a> to buy a 51% stake in Milacron, a provider of plastic processing equipment and services. Hillenbrand (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HI#NYSE">HI</a>) sold the stake for $287 million. </li>
<li>Riverwood Capital agreed to <a href="https://en.globes.co.il/en/article-riverwood-capital-buys-israeli-ai-pricing-co-quicklizard-1001501462">buy</a> Munich-based Quicklizard (TASE: QLRD), a pricing platform for retailers and brands, for roughly $52 million.</li>
<li>TPG <a href="https://www.benzinga.com/25/02/43537313/why-altus-power-stock-is-gaining-today">agreed to buy</a> Altus Power (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMPS#NYSE">AMPS</a>), an owner of commercial-scale solar in the U.S., for around $2.2 billion.</li>
<li>Another solar-related deal: Turn/River Capital agreed to buy Austin, Texas-based SolarWinds (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWI#NYSE">SWI</a>) for $4.4 billion — a 35% premium to the stock&#8217;s closing price on Thursday, Feb. 6.</li>
<li>Montreal-basedValsoft, a software firm backed by Coatue Management and Viking Global Investors, acquired VHL Sistemas, a Brazilian provider of cloud-based notary management software.</li>
<li>BCI, a Canadian asset management, agreed to buy Luxembourg-based investment BBGI Global Infrastructure (LSE: BBGIB). Reuters reported that the deal cost around 1 billion pounds ($1.24 billion).</li>
<li>EP Global Commerce, backed by billionaire Daniel Kretinsky, <a href="https://www.bloomberg.com/news/articles/2025-02-06/czech-billionaire-kretinsky-seeks-to-take-metro-private-again?srnd=phx-deals">purchased</a> Düsseldorf, Germany-based Metro at a 2 billion euro ($2.76 billion) valuation. </li>
<li>Databricks, valued at $62 billion, <a href="https://www.infoworld.com/article/3817328/databricks-acquires-bladebridge-to-aid-data-warehouse-migrations.html">acquired</a> BladeBridge and its talent to bolster enterprise data warehouse migrations.</li>
<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) reportedly revived its interest in buying Düsseldorf, Germany-based Ceconomy AG. The Chinese e-commerce giant last showed interest in the <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43496221/jd-coms-stock-dips-as-ceconomy-deal-heats-up-in-germany-is-the-e-commerce-king-eyeing-expansion">German retailer in 2023</a>.</li>
<li>Nissan Motor Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>) CEO Makoto Uchida informed Honda Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) CEO Toshihiro Mibe of his intention to terminate discussions <a href="https://www.benzinga.com/markets/asia/25/02/43517930/nissan-ceo-seeks-to-end-honda-merger-talks-report">on a potential merger</a>.</li>
<li>Brookfield completed its $1.7 billion acquisition of Houston-based Chemelex, a provider of electric thermal and sensing solutions. Goldman Sachs advised nVent Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVT#NYSE">NVT</a>) on the sell side.</li>
<li>Court Square Capital Partners and WindRose Health Investors completed a $1.1 billion buyout of Frisco, Texas-based infusion company Soleo Health. H.I.G. Capital.</li>
</ul>
<h2 class="wp-block-heading">Bankruptcy Block</h2>
Judge Christopher Lopez has rejected a deal that would have facilitated a second auction attempt for Alex Jones&#8216; media company, Infowars. This ruling, as reported by <a href="https://www.npr.org/2025/02/05/g-s1-46738/infowars-alex-jones-onion-bankruptcy-judge-sandy-hook">NPR</a>, provides another temporary reprieve for Jones, but delays the Sandy Hook families' efforts to collect the $1.3 billion in defamation damages awarded nearly seven years ago.
Lopez explained he couldn&#8217;t approve the deal because Infowars&#8217; parent company, Free Speech Systems (FSS), is no longer in bankruptcy. That means, he rules, its assets cannot be sold—only Jones&#8217; ownership stake in the company can be auctioned. And yet, the judge also blocked <a href="https://www.benzinga.com/media/24/11/41982446/jokes-on-jones-onion-backed-by-families-of-sandy-hook-victims-buys-info-wars">a previous offer</a> from satirical website The Onion, which had partnered with the Connecticut families to bid on Infowars. 
Moving forward, Lopez emphasized that any asset sale must be a straightforward cash deal. With this latest decision, the path to recovering damages—and potentially dismantling Jones' platform—remains uncertain.
TGI Fridays has sold 19 more restaurants as part of its ongoing Chapter 11 bankruptcy proceedings.&nbsp;Fremont, California-based Yadav Enterprises, an operator of 340 restaurants across six brands, is <a href="https://www.restaurantbusinessonline.com/financing/tgi-fridays-sells-19-restaurants-out-bankruptcy">buying</a> 16 stores for $3 million in debt. Sugarloaf Hospitality, a firm owned by former TGI Fridays CEO Ray Blanchette, is acquiring three locations for $100,000.
<h2 class="wp-block-heading">Notes From The Block</h2>
Scale Vs. Scope: This week, Bain Capital pointed out a trend in the media sector.
Media deals are becoming &#8220;predominantly cross-industry.&#8221; According to Bain&#8217;s <a href="https://www.bain.com/insights/media-and-entertainment-m-and-a-report-2025/">analysis</a>, using data from Dealogic, more than half of all media industry M&amp;A for the first three quarters of 2024 involved either a target or acquirer outside of their industry.
Here are a few callouts, cited by Bain partners Nicole Magoon, Matt Keith and Alex Egan:
<ul>
<li>The majority of Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) transactions used to be &#8220;scale&#8221; (i.e., Pixar in 2006 and 21st Century Fox in 2019); today, there&#8217;s an &#8220;increasing emphasis on scope deals.&#8221; For example, last year, Disney invested in Epic Games, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41052867/disneys-streaming-surge-epic-games-deal-among-key-growth-drivers-says-analyst">the maker of Fortnite</a>.</li>
<li>Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) <a href="https://www.benzinga.com/general/entertainment/24/06/39313096/sony-steps-into-theater-business-with-alamo-drafthouse-purchase">purchased the theater-dinner chain</a> Alamo Drafthouse.</li>
<li>Companies are also doing deals for evergreen IP: Sony Music bought half of Michael Jackson's <a href="https://www.benzinga.com/general/entertainment/24/08/40515995/michael-jacksons-1-5b-catalog-lands-court-approval-for-sale-thriller-for-sony">publishing and recorded music catalog</a>.</li>
<li>Pophouse Entertainment acquired Kiss's catalog as well as <a href="https://www.benzinga.com/general/entertainment/24/04/38116031/sealed-with-a-kiss-rock-band-sells-legacy-for-300m-who-did-gene-simmons-get-into-bed-with">the band members' likenesses</a>. </li>
<li>Private equity funds have invested in smaller production studios with a track record of quality IP. For example, Redbird bought All3Media, seeking an enduring advantage in the video space.</li>
</ul>
Is there risk? &#8220;Acquirers in cross-sector media M&amp;A quickly learn that such deals require a different type of diligence,&#8221; the Bain partners say. &#8220;For one thing, an acquirer is likely to be less familiar with the target's industry. Also, the revenue synergies inherent in scope deals are harder to realize and underwrite than cost synergies.&#8221;
For last week&#8217;s <a href="https://www.benzinga.com/news/global/25/01/43402048/deal-dispatch-sage-and-silvus-are-up-for-sale-mrbeast-secures-20b-for-tiktok">Deal Dispatch, click here</a>.
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Image created using a photo from Shutterstock.

The adjusted operating margin guidance does not currently include any impact from the recently announced U.S. tariffs to be implemented on imports from Mexico, Canada and China.&nbsp;
The company is working to quantify the expected impact of these actions, as well as identify potential mitigation opportunities, and plans to provide an update on its fourth-quarter 2024 earnings conference call.

Baxter Remains Committed To Its Previously Announced 2025 Financial Objectives Of 4% - 5% Operational Sales Growth And ~16.5% Adjusted Operating Margin

Baxter Expects Results For Q4 And 2024 To Be Aligned With Continuing Operations Guidance Previously Provided In Q3 Earnings Announcement

Management

Baxter Appoints Heather Knight To The Role Of Executive Vice President And COO, Effective Immediately

Baxter Names Lead Independent Director Brent Shafer As Chair And Interim CEO; José Almeida To Retire As Chair, President And CEO

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TEVA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$25.00</td>
<td>$35.5K</td>
<td>6.0K</td>
<td>2.1K</td>
</tr>
<tr>
<td>JNJ</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$150.00</td>
<td>$66.4K</td>
<td>7.2K</td>
<td>1.7K</td>
</tr>
<tr>
<td>CVS</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$55.00</td>
<td>$42.0K</td>
<td>3.0K</td>
<td>1.2K</td>
</tr>
<tr>
<td>PFE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$27.50</td>
<td>$109.6K</td>
<td>31.8K</td>
<td>1.1K</td>
</tr>
<tr>
<td>INMB</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$10.00</td>
<td>$25.5K</td>
<td>2.1K</td>
<td>486</td>
</tr>
<tr>
<td>ISRG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/31/25</td>
<td>$590.00</td>
<td>$45.0K</td>
<td>291</td>
<td>275</td>
</tr>
<tr>
<td>VKTX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$30.00</td>
<td>$34.0K</td>
<td>567</td>
<td>261</td>
</tr>
<tr>
<td>SWTX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$35.00</td>
<td>$25.4K</td>
<td>511</td>
<td>220</td>
</tr>
<tr>
<td>BMY</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>03/21/25</td>
<td>$62.50</td>
<td>$44.9K</td>
<td>137</td>
<td>189</td>
</tr>
<tr>
<td>BAX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/15/27</td>
<td>$35.00</td>
<td>$36.8K</td>
<td>68</td>
<td>160</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding TEVA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>), we observe a call option trade with bearish sentiment. It expires in 354 day(s) on January 16, 2026. Parties traded 163 contract(s) at a $25.00 strike. The total cost received by the writing party (or parties) was $35.5K, with a price of $218.0 per contract. There were 6058 open contracts at this strike prior to today, and today 2167 contract(s) were bought and sold. 
• For JNJ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), we notice a call option sweep that happens to be bearish, expiring in 25 day(s) on February 21, 2025. This event was a transfer of 200 contract(s) at a $150.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $66.4K, with a price of $336.0 per contract. There were 7225 open contracts at this strike prior to today, and today 1758 contract(s) were bought and sold. 
• Regarding CVS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), we observe a put option trade with bearish sentiment. It expires in 25 day(s) on February 21, 2025. Parties traded 200 contract(s) at a $55.00 strike. The total cost received by the writing party (or parties) was $42.0K, with a price of $210.0 per contract. There were 3069 open contracts at this strike prior to today, and today 1262 contract(s) were bought and sold. 
• For PFE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), we notice a call option sweep that happens to be bearish, expiring in 354 day(s) on January 16, 2026. This event was a transfer of 522 contract(s) at a $27.50 strike. This particular call needed to be split into 14 different trades to become filled. The total cost received by the writing party (or parties) was $109.6K, with a price of $210.0 per contract. There were 31825 open contracts at this strike prior to today, and today 1191 contract(s) were bought and sold. 
• For INMB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INMB#NASDAQ">INMB</a>), we notice a call option sweep that happens to be bullish, expiring in 235 day(s) on September 19, 2025. This event was a transfer of 75 contract(s) at a $10.00 strike. This particular call needed to be split into 17 different trades to become filled. The total cost received by the writing party (or parties) was $25.5K, with a price of $340.0 per contract. There were 2116 open contracts at this strike prior to today, and today 486 contract(s) were bought and sold. 
• Regarding ISRG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), we observe a call option sweep with bearish sentiment. It expires in 4 day(s) on January 31, 2025. Parties traded 200 contract(s) at a $590.00 strike. This particular call needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $45.0K, with a price of $225.0 per contract. There were 291 open contracts at this strike prior to today, and today 275 contract(s) were bought and sold. 
• For VKTX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>), we notice a put option sweep that happens to be bullish, expiring in 25 day(s) on February 21, 2025. This event was a transfer of 252 contract(s) at a $30.00 strike. This particular put needed to be split into 4 different trades to become filled. The total cost received by the writing party (or parties) was $34.0K, with a price of $135.0 per contract. There were 567 open contracts at this strike prior to today, and today 261 contract(s) were bought and sold. 
• For SWTX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWTX#NASDAQ">SWTX</a>), we notice a call option trade that happens to be bearish, expiring in 25 day(s) on February 21, 2025. This event was a transfer of 50 contract(s) at a $35.00 strike. The total cost received by the writing party (or parties) was $25.4K, with a price of $510.0 per contract. There were 511 open contracts at this strike prior to today, and today 220 contract(s) were bought and sold. 
• For BMY (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), we notice a put option sweep that happens to be bearish, expiring in 53 day(s) on March 21, 2025. This event was a transfer of 156 contract(s) at a $62.50 strike. This particular put needed to be split into 14 different trades to become filled. The total cost received by the writing party (or parties) was $44.9K, with a price of $288.0 per contract. There were 137 open contracts at this strike prior to today, and today 189 contract(s) were bought and sold. 
• For BAX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>), we notice a call option trade that happens to be bullish, expiring in 718 day(s) on January 15, 2027. This event was a transfer of 80 contract(s) at a $35.00 strike. The total cost received by the writing party (or parties) was $36.8K, with a price of $460.0 per contract. There were 68 open contracts at this strike prior to today, and today 160 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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10 Health Care Stocks With Whale Alerts In Today's Session

Several companies could be affected by a widespread power outage <a href="https://www.benzinga.com/topic/puerto-rico">Tuesday in Puerto Rico</a>.
What Happened: Only around 12% of Puerto Rico&#8217;s residents currently have electricity, <a href="https://miluma.lumapr.com/outages/serviceStatus">according</a> to Luma Energy, the power company servicing the island.
In a post on X, Luma Energy <a href="https://x.com/lumaenergypr/status/1874081905856885124">said</a> the outage began at 5 a.m. on Tuesday and resulted from &#8220;a fault on an underground line.&#8221; The company gave an estimate of 24 to 48 hours for power to be restored.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Declaraciones (8:30 a.m.): LUMA activa operaciones de emergencia para restaurar la energía después de un apagón en todo el sistema   LUMA ha activado su Centro de Operaciones de Emergencia y actualmente está trabajando con Genera y demás colaboradores de generación para reiniciar…
&mdash; LUMA Puerto Rico (@lumaenergypr) <a href="https://twitter.com/lumaenergypr/status/1874081905856885124?ref_src=twsrc%5Etfw">December 31, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Power outages in Puerto Rico, a U.S. territory, have <a href="https://www.benzinga.com/general/movers-shakers/23/01/30481980/when-a-storm-leaves-you-without-power-for-days-what-do-you-do-yousolar-is-developing-solut">become more prevalent</a> in recent years after Hurricane Maria weakened the island&#8217;s electrical grid. The territory controversially privatized energy generation in 2023, giving control of power operations to Genera PR.
Puerto Rican Governor Pedro Pierluisi&nbsp;voiced displeasure with the companies&#8217; handling of the outage in a <a href="https://x.com/GovPierluisi/status/1874058818612527451">post</a> on X.
&#8220;We are demanding answers and solutions from both LUMA and Genera, who must expedite the restart of the generating units outside the fault area and keep the people duly informed about the measures they are taking to restore service throughout the Island.&#8221;
Companies Affected: LumaEnergy is a joint venture between Quanta Services Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>), an American infrastructure company, and ATCO, a Canadian company. Genera is a subsidiary of New Fortress Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFE#NASDAQ">NFE</a>).
Several other publicly traded companies have operations in Puerto Rico.
Financial services companies Popular Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPOP#NASDAQ">BPOP</a>), OFG Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFG#NYSE">OFG</a>) and First Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBP#NYSE">FBP</a>) service the island. Financial technology company Evertec Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVTC#NYSE">EVTC</a>) is based in San Juan.
Medical supply company Baxter International Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) <a href="https://www.baxter.com/perspectives/community-engagement/global-response-hurricane-maria">manufactures</a> MINI-BAG and MINI-BAG Plus container systems in Puerto Rico. Honeywell International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), a manufacturing conglomerate, also has operations on the island.
Since Tuesday is New Year&#8217;s Eve, companies may be less exposed to the outage, as operations may have wound down due to the holiday. Still, repeated outages may prove harmful to Puerto Rico&#8217;s economy.
Also Read:
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<li><a href="https://www.benzinga.com/24/12/42737782/us-money-market-funds-hit-record-high-of-675-trillion-does-this-liquid-cash-pile-illustrate-latent-buying-power">US Money Market Funds Hit Record High Of $6.75 Trillion: Does This Liquid Cash Pile Illustrate Latent Buying Power?</a></li>
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Image: Shutterstock

Baxter Intl's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) short percent of float has fallen 3.35% since its last report. The company recently reported that it has 12.37 million shares sold short, which is 3.17% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.59 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Baxter Intl Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1735062317_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Baxter Intl has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Baxter Intl's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Baxter Intl's peer group average for short interest as a percentage of float is 3.52%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About Baxter Intl?

Citigroup analyst Joanne Wuensch maintains Baxter Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) with a Neutral and lowers the price target from $37 to $35.

Citigroup Maintains Neutral on Baxter Intl, Lowers Price Target to $35

Last year, Morgan Stanley upgraded its outlook for the U.S. MedTech sector to &#8220;Attractive,&#8221; believing the concerns around GLP-1s were already reflected in stock prices and that fundamentals were strong.
However, this view didn&#8217;t play out as expected, mainly due to unforeseen, company-specific issues, such as DexCom, Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>) unexpected <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39988466/dexcom-faces-short-term-challenges-but-market-growth-prospects-remain-strong-analys" rel="noreferrer noopener">Q2 channel mix challenges</a>, Edwards Lifesciences Corporation&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>) <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39967649/edwards-lifesciences-stock-tumbles-highlights-slowdown-in-tavr-business" rel="noreferrer noopener">slowdown in TAVR procedures</a>, TransMedics Group, Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41608129/organ-transplant-medtech-transmedics-q3-performance-disappoints-analyst-outlines-in" rel="noreferrer noopener">seasonal impacts</a>, and iRhythm Technologies, Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRTC#NASDAQ">IRTC</a>) <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41462205/with-fda-approval-irhythm-may-be-able-to-lift-regulatory-overhang-investor-skeptici" rel="noreferrer noopener">DOJ investigation</a>.
Morgan Stanley is bullish on the MedTech industry as volumes and pipelines continue to be strong into 2025 despite a shakey 2024.
The analyst also adds that MedTech seems less exposed to potential delays from extended FDA regulatory pathways than other healthcare sectors, given its lower reliance on PMAs and clinical-trial-heavy products.
The analyst adds that while single-stock surprises are inevitable, the overall outlook for the sector heading into 2025 remains favorable.
Morgan Stanley upgraded the outlook on Intuitive Surgical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>) and Stryker Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), moving both to Overweight from Equal-weight, citing:
<ul>
<li>ISRG: Strong demand for the Da Vinci Dv5 system is expected to exceed market expectations for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406234/intuitive-surgical-posts-q3-earnings-beat-these-analysts-raise-forecasts-on-dv5-upt" target="_blank" rel="noreferrer noopener">installed base growth</a>.</li>
<li>SYK: While orthopedic procedure volumes face some uncertainty, an estimated $1 billion—$2 billion backlog could drive growth in 2025. The company also benefits from ongoing M&amp;A opportunities <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40819730/stryker-unveils-new-foot-ankle-solutions-with-truss-implants-details" target="_blank" rel="noreferrer noopener">and product innovations</a>.</li>
</ul>
Additional updates:
<ul>
<li>Procept BioRobotics Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRCT#NASDAQ">PRCT</a>): Initiated at Overweight, driven by increasing demand and higher pricing for Hydros in operating room efficiency, particularly in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41583831/surgical-robotics-provider-procept-biorobotics-q3-earnings-beats-street-view-analys" target="_blank" rel="noreferrer noopener">lower-volume BPH centers</a>.</li>
<li>Tandem Diabetes Care Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNDM#NASDAQ">TNDM</a>): Upgraded to Overweight with a $45 price target, as its valuation (below 2x sales) seems overly compressed. Expansion into type 2 diabetes in 2025 could double its <a href="https://www.benzinga.com/news/24/10/41148635/tandem-diabetes-insulin-pump-demand-to-surge-despite-popular-demand-of-weight-loss-drugs-bullish-ana" target="_blank" rel="noreferrer noopener">total addressable market</a>.</li>
<li>Globus Medical Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMED#NYSE">GMED</a>): Upgraded to Overweight with a $100 price target as merger concerns ease and strong above-market growth persists.</li>
<li>Embecta Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMBC#NASDAQ">EMBC</a>): Raised to Equal-weight from Underweight, factoring in the discontinuation of certain risks and potential upside from GLP-1 <a href="https://www.benzinga.com/news/24/10/41148635/tandem-diabetes-insulin-pump-demand-to-surge-despite-popular-demand-of-weight-loss-drugs-bullish-ana" target="_blank" rel="noreferrer noopener">pen needle demand</a>.</li>
</ul>
The analyst is more cautious about Glaukos Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GKOS#NYSE">GKOS</a>), downgrading it to Underweight from Equal-weight. The analyst notes that iDose is a strong product with promising long-term potential, but the current valuation limits the upside compared to other stocks. Additionally, although the pipeline includes exciting projects like Wet AMD, they remain <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41752463/glaukos-reports-30-boost-in-glaucoma-sales-improved-margins-in-q3-analyst-highlights-certain-headwi" rel="noreferrer noopener">years away from fruition</a>.
Morgan Stanley has downgraded Nevro Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVRO#NYSE">NVRO</a>) to Underweight from Equal-weight. Despite trading near record lows, the analyst expects weak demand for spinal cord stimulation devices to persist, with limited <a target="_blank" href="https://www.benzinga.com/general/health-care/24/11/41910770/why-medical-device-firm-nevro-stock-is-trading-higher-on-tuesday" rel="noreferrer noopener">opportunities for cost reductions</a>.
The analyst remains cautious about STAAR Surgical Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STAA#NASDAQ">STAA</a>). While the company is executing well, it faces tough conditions in the refractive surgery market, particularly in China and the U.S.
Lastly, Morgan Stanley is cautious about Baxter International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) because it offers fewer upside opportunities than peers and has a more conservative outlook <a target="_blank" href="https://www.benzinga.com/general/health-care/24/11/41845345/baxter-expects-hurricane-helene-aftermath-to-impact-near-term-financial-outlook" rel="noreferrer noopener">on operating margins</a>.
Read Next:
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Photo by metamorworks via Shutterstock

Analyst Color

Biotech

Upgrades

Downgrades

EMBC

NVRO

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STAA

TMDX

TNDM

Morgan Stanley Maintains Positive MedTech Outlook Despite Setbacks in 2024, Upgrades Intuitive Surgical And Stryker, Downgrades Nevro And Glaukos

FDA Says Baxter Issues Correction For AK 98 Hemodialysis Machines On Risk Of Exposure To Higher Than Allowable Levels Of Toxic Compound; Baxter Is Evaluating Whether Source Of PCBAs And/Or NDL PCBs In Recalls By Other Manufacturers Is Present In Ak 98 Dialysis Machines

Stifel analyst Rick Wise maintains Baxter Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAX#NYSE">BAX</a>) with a Buy and lowers the price target from $46 to $38.

Stifel Maintains Buy on Baxter Intl, Lowers Price Target to $38

Press Releases

Baxter Announces Continued Growth of Pharmaceuticals Portfolio With Five Injectable Product Launches in the U.S.

Baxter to Present at 43rd Annual J.P. Morgan Healthcare Conference

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