Quidel Corporation (QDEL) Rating Increased to Buy at Zacks Investment Research
Quidel Corporation (NASDAQ:QDEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $50.00 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 16.66% from the company’s previous close.
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. “
A number of other brokerages have also recently issued reports on QDEL. William Blair upgraded shares of Quidel Corporation from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 18th. BidaskClub cut shares of Quidel Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Barclays PLC lifted their price objective on shares of Quidel Corporation from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Raymond James Financial, Inc. reiterated a “buy” rating and set a $47.00 price objective (up from $41.00) on shares of Quidel Corporation in a report on Tuesday, September 19th. Finally, Canaccord Genuity upgraded shares of Quidel Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 18th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $48.00.
Quidel Corporation (NASDAQ QDEL) opened at 42.86 on Friday. The stock’s 50 day moving average is $40.12 and its 200-day moving average is $30.61. Quidel Corporation has a 1-year low of $18.25 and a 1-year high of $45.55. The firm’s market capitalization is $1.43 billion.
Quidel Corporation (NASDAQ:QDEL) last issued its quarterly earnings data on Wednesday, July 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.18). The business had revenue of $38.30 million for the quarter, compared to analyst estimates of $41.91 million. Quidel Corporation had a negative net margin of 0.03% and a negative return on equity of 0.03%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Analysts forecast that Quidel Corporation will post $0.29 EPS for the current year.
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In related news, CEO Douglas C. Bryant sold 36,000 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $42.91, for a total transaction of $1,544,760.00. Following the transaction, the chief executive officer now directly owns 296,493 shares in the company, valued at $12,722,514.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Douglas C. Bryant sold 12,000 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $42.86, for a total transaction of $514,320.00. Following the transaction, the chief executive officer now owns 296,493 shares in the company, valued at $12,707,689.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 227,388 shares of company stock worth $8,274,312. 22.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Quidel Corporation during the second quarter worth about $442,000. The Manufacturers Life Insurance Company boosted its holdings in Quidel Corporation by 1.5% during the second quarter. The Manufacturers Life Insurance Company now owns 21,831 shares of the company’s stock worth $593,000 after purchasing an additional 333 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Quidel Corporation during the second quarter worth about $2,620,000. C M Bidwell & Associates Ltd. purchased a new position in Quidel Corporation during the second quarter worth about $364,000. Finally, State Street Corp boosted its holdings in Quidel Corporation by 8.6% during the second quarter. State Street Corp now owns 582,785 shares of the company’s stock worth $15,819,000 after purchasing an additional 46,096 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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