Quidel (QDEL) Earns Buy Rating from Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Quidel (NASDAQ:QDEL) in a research report report published on Thursday morning, The Fly reports. Canaccord Genuity currently has a $52.00 price target on the stock, up from their prior price target of $48.00.

Several other analysts also recently weighed in on QDEL. Zacks Investment Research downgraded Quidel from a hold rating to a strong sell rating in a research note on Tuesday, December 12th. BidaskClub upgraded Quidel from a hold rating to a buy rating in a research note on Thursday. Piper Jaffray Companies reiterated a buy rating and issued a $50.00 price target on shares of Quidel in a research note on Thursday, December 14th. Barclays reiterated a buy rating and issued a $45.00 price target (up from $39.00) on shares of Quidel in a research note on Tuesday, September 19th. Finally, Raymond James Financial reiterated a buy rating and issued a $47.00 price target (up from $41.00) on shares of Quidel in a research note on Tuesday, September 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $49.60.

Shares of Quidel (QDEL) opened at $44.72 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 5.68 and a current ratio of 6.28. The firm has a market capitalization of $1,525.10, a PE ratio of -298.11, a PEG ratio of 2.83 and a beta of 1.15. Quidel has a 52 week low of $18.25 and a 52 week high of $46.14.

Quidel (NASDAQ:QDEL) last announced its earnings results on Wednesday, November 1st. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.21). The business had revenue of $50.89 million for the quarter, compared to analyst estimates of $50.47 million. Quidel had a negative net margin of 2.33% and a negative return on equity of 2.36%. The firm’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. sell-side analysts predict that Quidel will post 0.63 EPS for the current fiscal year.

In related news, CEO Douglas C. Bryant sold 36,000 shares of Quidel stock in a transaction dated 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 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 can be accessed through the SEC website. Also, Director Jack W. Schuler sold 4,000 shares of Quidel stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $44.60, for a total value of $178,400.00. Following the completion of the transaction, the director now owns 3,365,553 shares of the company’s stock, valued at $150,103,663.80. The disclosure for this sale can be found here. Insiders sold 351,910 shares of company stock valued at $14,137,073 over the last quarter. Insiders own 22.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wolverine Trading LLC bought a new position in Quidel in the third quarter worth about $406,000. California Public Employees Retirement System lifted its holdings in Quidel by 3.8% in the third quarter. California Public Employees Retirement System now owns 58,103 shares of the company’s stock worth $2,548,000 after acquiring an additional 2,103 shares during the last quarter. Davidson Kempner Capital Management LP bought a new position in Quidel in the third quarter worth about $6,974,000. Jane Street Group LLC bought a new position in Quidel in the third quarter worth about $205,000. Finally, Omni Partners LLP bought a new position in Quidel in the third quarter worth about $6,412,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

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About Quidel

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.

The Fly

Analyst Recommendations for Quidel (NASDAQ:QDEL)

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