Quidel (QDEL) Upgraded to Buy at Zacks Investment Research

Quidel (NASDAQ:QDEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $65.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.95% from the stock’s current price.

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 have also recently weighed in on QDEL. BidaskClub raised Quidel from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. Raymond James reissued a “strong-buy” rating and issued a $80.00 price objective on shares of Quidel in a research report on Tuesday, October 23rd. TheStreet raised Quidel from a “c+” rating to a “b” rating in a research report on Wednesday, November 7th. ValuEngine cut Quidel from a “buy” rating to a “hold” rating in a research report on Monday, November 12th. Finally, Barclays reduced their target price on Quidel from $85.00 to $77.00 and set an “overweight” rating for the company in a research report on Monday, December 10th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $69.50.

QDEL opened at $59.12 on Tuesday. Quidel has a 1-year low of $41.50 and a 1-year high of $77.63. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.26 and a quick ratio of 0.86. The company has a market capitalization of $2.28 billion, a PE ratio of -844.57, a price-to-earnings-growth ratio of 0.86 and a beta of 1.27.

Quidel (NASDAQ:QDEL) last posted its quarterly earnings data on Tuesday, November 6th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. Quidel had a return on equity of 25.63% and a net margin of 7.26%. The company had revenue of $117.40 million during the quarter, compared to analysts’ expectations of $120.09 million. During the same period in the prior year, the business earned $0.17 earnings per share. Quidel’s revenue for the quarter was up 130.6% compared to the same quarter last year. As a group, sell-side analysts predict that Quidel will post 2.61 EPS for the current year.

In other Quidel news, CEO Douglas C. Bryant sold 25,250 shares of the stock in a transaction on Tuesday, January 29th. The stock was sold at an average price of $55.09, for a total transaction of $1,391,022.50. Following the completion of the transaction, the chief executive officer now directly owns 319,563 shares in the company, valued at $17,604,725.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Douglas C. Bryant sold 18,033 shares of the stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $61.17, for a total value of $1,103,078.61. Following the transaction, the chief executive officer now owns 303,058 shares of the company’s stock, valued at $18,538,057.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,283 shares of company stock valued at $3,416,751. 16.70% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in QDEL. Northern Trust Corp raised its stake in Quidel by 15.4% during the second quarter. Northern Trust Corp now owns 423,108 shares of the company’s stock worth $28,136,000 after acquiring an additional 56,538 shares in the last quarter. United Services Automobile Association raised its stake in Quidel by 26.4% during the second quarter. United Services Automobile Association now owns 7,382 shares of the company’s stock worth $491,000 after acquiring an additional 1,542 shares in the last quarter. Winslow Evans & Crocker Inc. raised its stake in Quidel by 26.8% during the third quarter. Winslow Evans & Crocker Inc. now owns 4,470 shares of the company’s stock worth $292,000 after acquiring an additional 944 shares in the last quarter. Essex Investment Management Co. LLC raised its stake in Quidel by 3.5% during the third quarter. Essex Investment Management Co. LLC now owns 35,785 shares of the company’s stock worth $2,332,000 after acquiring an additional 1,194 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Quidel by 9.9% during the third quarter. First Trust Advisors LP now owns 82,489 shares of the company’s stock worth $5,376,000 after acquiring an additional 7,461 shares in the last quarter. Hedge funds and other institutional investors own 90.83% of the company’s stock.

About Quidel

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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