Quidel Corporation (QDEL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Quidel Corporation (NASDAQ:QDEL) from a strong sell rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Quidel Corp. discovers, develops, manufactures and markets point-of-care, rapid diagnostic tests for detection of medical conditions and illnesses. These products provide accurate, rapid and cost-effective diagnostic information for acute and chronic conditions that affect women’s health throughout the phases of their lives including reproductive status, pregnancy management and osteoporosis. Quidel also provides point-of-care diagnostics for infectious diseases, including influenza A and B, strep throat, H. pylori infection, chlamydia and infectious mononucleosis. “
Several other research analysts have also issued reports on the company. TheStreet lowered Quidel Corporation from a b- rating to a c rating in a research report on Wednesday, July 26th. William Blair raised Quidel Corporation from a market perform rating to an outperform rating in a research report on Tuesday, July 18th. Canaccord Genuity raised Quidel Corporation from a hold rating to a buy rating in a research report on Tuesday, July 18th. BidaskClub lowered Quidel Corporation from a strong-buy rating to a buy rating in a research report on Sunday, July 16th. Finally, Raymond James Financial, Inc. reissued a buy rating and issued a $47.00 target price (up previously from $41.00) on shares of Quidel Corporation in a research report on Tuesday, September 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Quidel Corporation has an average rating of Buy and a consensus target price of $44.00.
Shares of Quidel Corporation (NASDAQ QDEL) traded down 0.54% during midday trading on Wednesday, reaching $43.86. The company’s stock had a trading volume of 941,941 shares. The stock has a 50-day moving average price of $34.42 and a 200-day moving average price of $27.83. Quidel Corporation has a 52-week low of $18.25 and a 52-week high of $45.55. The stock’s market cap is $1.47 billion.
Quidel Corporation (NASDAQ:QDEL) last announced its earnings results on Wednesday, July 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.18). Quidel Corporation had a negative return on equity of 0.03% and a negative net margin of 0.03%. The firm had revenue of $38.30 million during the quarter, compared to the consensus estimate of $41.91 million. During the same period in the prior year, the company posted ($0.11) EPS. The firm’s revenue was down 2.0% on a year-over-year basis. Equities research analysts anticipate that Quidel Corporation will post $0.29 earnings per share for the current fiscal year.
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In related news, CFO Randall J. Steward sold 94,215 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $34.09, for a total value of $3,211,789.35. Following the sale, the chief financial officer now owns 79,907 shares in the company, valued at approximately $2,724,029.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Donald Jr. Abney sold 1,173 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $33.83, for a total value of $39,682.59. The disclosure for this sale can be found here. Insiders sold a total of 227,388 shares of company stock worth $8,274,312 in the last 90 days. 22.00% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of QDEL. Point72 Asset Management L.P. purchased a new stake in Quidel Corporation during the 1st quarter valued at $11,266,000. Macquarie Group Ltd. boosted its stake in Quidel Corporation by 23.6% during the 1st quarter. Macquarie Group Ltd. now owns 1,195,927 shares of the company’s stock valued at $27,076,000 after purchasing an additional 228,515 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in Quidel Corporation during the 2nd quarter valued at $5,062,000. Marshall Wace North America L.P. boosted its stake in Quidel Corporation by 370.1% during the 2nd quarter. Marshall Wace North America L.P. now owns 171,800 shares of the company’s stock valued at $4,639,000 after purchasing an additional 135,253 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Quidel Corporation by 27.6% during the 2nd quarter. Renaissance Technologies LLC now owns 612,487 shares of the company’s stock valued at $16,623,000 after purchasing an additional 132,587 shares during the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.
About Quidel Corporation
Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. These diagnostic testing solutions are separated into four product categories: immunoassays, molecular assays, virology and specialty products. The Company sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics, pharmacies and wellness screening centers.
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