Quidel Corporation (NASDAQ:QDEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $50.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 14.55% 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. “
Several other equities research analysts also recently commented on QDEL. Barclays PLC lifted their price objective on shares of Quidel Corporation from $36.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, July 27th. BidaskClub downgraded shares of Quidel Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Piper Jaffray Companies upgraded shares of Quidel Corporation from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $35.00 to $50.00 in a research note on Tuesday, September 19th. Canaccord Genuity reiterated a “buy” rating and set a $48.00 price objective (up from $42.00) on shares of Quidel Corporation in a research note on Tuesday, September 19th. Finally, Raymond James Financial, Inc. lifted their price objective on shares of Quidel Corporation from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $48.00.
Quidel Corporation (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, July 26th. The company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $38.30 million for the quarter, compared to analyst estimates of $41.91 million. During the same quarter in the previous year, the firm posted ($0.11) earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis.
In related news, CEO Douglas C. Bryant sold 36,000 shares of the business’s stock in a transaction on 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Douglas C. Bryant sold 12,000 shares of the business’s stock in a transaction on Thursday, September 28th. The shares were 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 of the company’s stock, valued at $12,707,689.98. The disclosure for this sale can be found here. Insiders have sold 227,388 shares of company stock valued at $8,274,312 over the last 90 days. 22.00% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC lifted its position in Quidel Corporation by 42.2% during the second quarter. Acrospire Investment Management LLC now owns 3,678 shares of the company’s stock valued at $100,000 after purchasing an additional 1,091 shares during the period. Legal & General Group Plc lifted its position in Quidel Corporation by 4.6% during the first quarter. Legal & General Group Plc now owns 6,931 shares of the company’s stock valued at $157,000 after purchasing an additional 306 shares during the period. Russell Investments Group Ltd. acquired a new position in Quidel Corporation during the second quarter valued at $209,000. First Quadrant L P CA acquired a new position in Quidel Corporation during the second quarter valued at $217,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in Quidel Corporation during the second quarter valued at $364,000. Institutional investors 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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