Zacks Investment Research Lowers Quidel Corporation (NASDAQ:QDEL) to Hold

Quidel Corporation (NASDAQ:QDEL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, November 7th.

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 analysts have also recently commented on the company. TheStreet cut Quidel from a “b-” rating to a “c” rating in a research note on Wednesday, July 26th. William Blair upgraded Quidel from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 18th. Canaccord Genuity upgraded Quidel from a “hold” rating to a “buy” rating in a research note on Tuesday, July 18th. BidaskClub cut Quidel from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Finally, Raymond James Financial, Inc. restated a “buy” rating and set a $47.00 price objective (up from $41.00) on shares of Quidel in a research note on Tuesday, September 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $48.80.

Quidel (NASDAQ QDEL) opened at $39.91 on Tuesday. Quidel has a fifty-two week low of $18.25 and a fifty-two week high of $45.55. The company has a quick ratio of 5.68, a current ratio of 6.28 and a debt-to-equity ratio of 0.70.

Quidel (NASDAQ:QDEL) last released its quarterly earnings results on Wednesday, November 1st. The company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.21). The company had revenue of $50.89 million during the quarter, compared to analysts’ expectations of $50.47 million. Quidel had a negative return on equity of 2.36% and a negative net margin of 2.33%. The firm’s revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS. sell-side analysts anticipate that Quidel will post 0.6 EPS for the current fiscal year.

In other news, CEO Douglas C. Bryant sold 12,000 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $42.17, for a total transaction of $506,040.00. Following the transaction, the chief executive officer now directly owns 296,493 shares of the company’s stock, valued at $12,503,109.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Douglas C. Bryant sold 36,000 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $34.44, for a total value of $1,239,840.00. Following the transaction, the chief executive officer now directly owns 296,493 shares of the company’s stock, valued at approximately $10,211,218.92. The disclosure for this sale can be found here. Insiders sold 135,530 shares of company stock worth $5,414,976 over the last ninety days. 22.00% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Acrospire Investment Management LLC boosted its stake in Quidel 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 buying an additional 1,091 shares in the last quarter. Legal & General Group Plc boosted its stake in Quidel 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 buying an additional 306 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Quidel by 162.7% during the third quarter. Great West Life Assurance Co. Can now owns 4,642 shares of the company’s stock valued at $204,000 after buying an additional 2,875 shares in the last quarter. Jane Street Group LLC bought a new position in Quidel during the third quarter valued at about $205,000. Finally, Russell Investments Group Ltd. bought a new position in Quidel during the second quarter valued at about $209,000. 87.92% of the stock is owned by institutional investors and hedge funds.

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Quidel 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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Analyst Recommendations for Quidel (NASDAQ:QDEL)

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