Today, Fool.com analysts David Williamson and Max Macaluso look at the three big events driving Abbott Labs today. Topping the list is the impressive results for its hepatitis C drug, which appears significantly more successful than Gilead's comparable drug and bodes well for the planned AbbVie spinoff. On the other hand, the company has had to discontinue phase 3 trials for its potential kidney disease and diabetes drug, and investors should keep an eye on the looming patent cliff.

The biotech space is full of ebbs and flows in company fortunes, and if you don't know how to play the sector, you can get burned. See more in the following video.

David Williamson owns shares of Johnson & Johnson and Pfizer. Max Macaluso has no positions in the stocks mentioned above. The Motley Fool owns shares of Johnson & Johnson. Motley Fool newsletter services recommend Gilead Sciences and Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.