Quidel (QDEL) Trading Down 20.5% on Insider Selling
Shares of Quidel Co. (NASDAQ:QDEL) were down 20.5% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $45.31 and last traded at $48.73. Approximately 1,159,541 shares were traded during mid-day trading, an increase of 277% from the average daily volume of 307,666 shares. The stock had previously closed at $61.32.
Specifically, CEO Douglas C. Bryant sold 7,217 shares of the business’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $65.10, for a total transaction of $469,826.70. Following the completion of the sale, the chief executive officer now directly owns 301,530 shares of the company’s stock, valued at approximately $19,629,603. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Douglas C. Bryant sold 25,250 shares of the business’s stock in a transaction dated Friday, September 28th. The stock was sold at an average price of $65.19, for a total value of $1,646,047.50. Following the sale, the chief executive officer now directly owns 319,563 shares of the company’s stock, valued at $20,832,311.97. The disclosure for this sale can be found here. Insiders have sold a total of 78,500 shares of company stock valued at $5,081,373 over the last three months. Company insiders own 16.70% of the company’s stock.
QDEL has been the subject of several analyst reports. Canaccord Genuity boosted their target price on Quidel from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th. Zacks Investment Research upgraded Quidel from a “hold” rating to a “strong-buy” rating and set a $80.00 target price for the company in a research report on Tuesday, August 14th. BidaskClub upgraded Quidel from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 15th. Finally, Raymond James restated a “strong-buy” rating and set a $80.00 target price on shares of Quidel in a research report on Tuesday, October 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $74.29.
Quidel (NASDAQ:QDEL) last posted its earnings results on Tuesday, November 6th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.16. The company had revenue of $117.40 million during the quarter, compared to analyst estimates of $120.09 million. Quidel had a return on equity of 25.63% and a net margin of 7.26%. The company’s revenue for the quarter was up 130.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 EPS. On average, equities research analysts forecast that Quidel Co. will post 2.61 EPS for the current year.
Several institutional investors have recently bought and sold shares of QDEL. Vanguard Group Inc. grew its position in shares of Quidel by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,929,387 shares of the company’s stock valued at $190,909,000 after purchasing an additional 152,702 shares during the period. BlackRock Inc. grew its position in shares of Quidel by 4.7% in the 3rd quarter. BlackRock Inc. now owns 2,291,654 shares of the company’s stock valued at $149,348,000 after purchasing an additional 102,724 shares during the period. Macquarie Group Ltd. grew its position in shares of Quidel by 15.9% in the 3rd quarter. Macquarie Group Ltd. now owns 963,519 shares of the company’s stock valued at $62,792,000 after purchasing an additional 131,980 shares during the period. OppenheimerFunds Inc. grew its position in shares of Quidel by 4.9% in the 2nd quarter. OppenheimerFunds Inc. now owns 902,018 shares of the company’s stock valued at $59,984,000 after purchasing an additional 41,789 shares during the period. Finally, Eagle Asset Management Inc. grew its position in shares of Quidel by 225.8% in the 3rd quarter. Eagle Asset Management Inc. now owns 652,048 shares of the company’s stock valued at $42,493,000 after purchasing an additional 451,940 shares during the period. Institutional investors own 90.02% of the company’s stock.
About Quidel (NASDAQ:QDEL)
Quidel Corporation develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women's and general health, eye health, gastrointestinal diseases, and toxicology. The company offers Sofia and Sofia 2 fluorescent immunoassay systems; QuickVue, a lateral flow immunoassay products; and InflammaDry and AdenoPlus products point-of-care products for the detection of infectious and inflammatory diseases and conditions of the eye.
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