Zacks Investment Research lowered shares of Quidel (NASDAQ:QDEL) from a buy rating to a hold rating in a research note released on Friday.
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. “
QDEL has been the topic of a number of other research reports. TheStreet cut Quidel from a b rating to a c+ rating in a research note on Wednesday, August 8th. Canaccord Genuity increased their price target on Quidel from $78.00 to $80.00 and gave the company a buy rating in a research note on Monday, September 10th. BidaskClub upgraded Quidel from a buy rating to a strong-buy rating in a research note on Wednesday, September 5th. Barclays increased their price target on Quidel from $65.00 to $78.00 and gave the company an overweight rating in a research note on Monday, August 6th. Finally, Raymond James restated a strong-buy rating and issued a $80.00 price target on shares of Quidel in a research note on Tuesday, October 23rd. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $74.14.
Quidel (NASDAQ:QDEL) last posted its quarterly earnings results on Tuesday, November 6th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. Quidel had a return on equity of 27.28% and a net margin of 7.26%. The business had revenue of $117.40 million for the quarter, compared to analysts’ expectations of $120.09 million. During the same quarter in the prior year, the business earned $0.17 EPS. The firm’s revenue for the quarter was up 130.6% on a year-over-year basis. Equities analysts forecast that Quidel will post 2.55 earnings per share for the current year.
In other Quidel news, Director Kenneth F. Buechler sold 5,000 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $75.01, for a total value of $375,050.00. Following the transaction, the director now directly owns 53,519 shares of the company’s stock, valued at approximately $4,014,460.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Douglas C. Bryant sold 25,250 shares of the company’s stock in a transaction on Friday, September 28th. The shares were sold at an average price of $65.19, for a total value of $1,646,047.50. Following the completion of the transaction, the chief executive officer now directly owns 319,563 shares in the company, valued at $20,832,311.97. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 162,667 shares of company stock worth $11,298,592. Insiders own 16.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. NewSquare Capital LLC acquired a new position in Quidel in the 2nd quarter valued at $178,000. Meeder Asset Management Inc. grew its holdings in shares of Quidel by 383.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 2,659 shares of the company’s stock worth $173,000 after purchasing an additional 2,109 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Quidel by 55.8% during the 2nd quarter. Great West Life Assurance Co. Can now owns 3,405 shares of the company’s stock worth $227,000 after purchasing an additional 1,220 shares in the last quarter. Winslow Evans & Crocker Inc. acquired a new stake in shares of Quidel during the 2nd quarter worth $236,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in shares of Quidel during the 1st quarter worth $241,000. 88.38% of the stock is currently owned by hedge funds and other institutional investors.
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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