Quidel Corporation’s (QDEL) “Buy” Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Quidel Corporation (NASDAQ:QDEL) in a research report report published on Wednesday morning. The brokerage currently has a $48.00 price objective on the stock.

Several other equities research analysts have also commented on the company. Zacks Investment Research raised Quidel Corporation from a hold rating to a buy rating and set a $30.00 price target on the stock in a research note on Tuesday, July 18th. TheStreet lowered Quidel Corporation from a b- rating to a c rating in a research note on Wednesday, July 26th. William Blair raised Quidel Corporation from a market perform rating to an outperform rating in a research note on Tuesday, July 18th. BidaskClub lowered Quidel Corporation from a strong-buy rating to a buy rating in a research note on Sunday, July 16th. Finally, Raymond James Financial, Inc. reissued a buy rating and set a $47.00 price target (up previously from $41.00) on shares of Quidel Corporation in a research note on Tuesday, September 19th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $48.00.

Quidel Corporation (NASDAQ:QDEL) opened at 42.61 on Wednesday. Quidel Corporation has a one year low of $18.25 and a one year high of $45.55. The firm’s 50 day moving average price is $41.70 and its 200-day moving average price is $31.93. The firm’s market cap is $1.42 billion.

Quidel Corporation (NASDAQ:QDEL) last announced its quarterly earnings results 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). The firm had revenue of $38.30 million for the quarter, compared to analysts’ expectations of $41.91 million. Quidel Corporation had a negative return on equity of 0.03% and a negative net margin of 0.03%. Quidel Corporation’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) EPS. Equities analysts predict that Quidel Corporation will post $0.29 EPS for the current fiscal year.

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In related news, CEO Douglas C. Bryant sold 36,000 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $42.91, for a total value of $1,544,760.00. Following the sale, the chief executive officer now owns 296,493 shares of the company’s stock, valued at approximately $12,722,514.63. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Douglas C. Bryant sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $42.17, for a total value of $506,040.00. Following the completion of the sale, the chief executive officer now directly owns 296,493 shares in the company, valued at approximately $12,503,109.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 132,000 shares of company stock worth $5,022,840. 22.00% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Quidel Corporation by 3.2% in the 2nd quarter. Vanguard Group Inc. now owns 2,195,101 shares of the company’s stock valued at $59,575,000 after buying an additional 68,549 shares in the last quarter. Macquarie Group Ltd. lifted its stake in Quidel Corporation by 8.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,292,492 shares of the company’s stock valued at $35,078,000 after buying an additional 96,565 shares in the last quarter. Fred Alger Management Inc. lifted its stake in Quidel Corporation by 0.4% in the 2nd quarter. Fred Alger Management Inc. now owns 672,880 shares of the company’s stock valued at $18,262,000 after buying an additional 2,757 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Quidel Corporation by 27.6% in the 2nd quarter. Renaissance Technologies LLC now owns 612,487 shares of the company’s stock valued at $16,623,000 after buying an additional 132,587 shares in the last quarter. Finally, State Street Corp lifted its stake in Quidel Corporation by 8.6% in the 2nd quarter. State Street Corp now owns 582,785 shares of the company’s stock valued at $15,819,000 after buying an additional 46,096 shares in the last quarter. 86.94% of the stock is currently owned by hedge funds and other institutional investors.

Quidel Corporation Company Profile

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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