On July 30, Baxter rose 9% in pre-market trading, trading at $27.44/share, with turnover of $1.5928 million.

On the news front, Baxter reported Q2 adjusted EPS of $0.54, beating the analyst consensus estimate of $0.37 by 45.95%. Revenue came in at $2.96 billion, also exceeding the $2.795 billion estimate. The strong beat marks a significant turnaround from the company's Q4 miss earlier this year, when adjusted EPS of $0.36 fell well short of the $0.54 estimate and shares plunged nearly 15%.

Notably, multiple investment banks had already raised their price targets ahead of the earnings release. Stifel raised its target from $19 to $24 on July 28, Evercore ISI lifted its target to $24, and Goldman Sachs raised its target to $21. The FactSet consensus mean price target stood at $21 prior to the report. The company had also recently reorganized its pharmaceutical business into the Infusion Therapies and Platforms segment, signaling strategic integration of its core product lines.

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