Piper Jaffray Companies Upgrades Quidel Corporation (QDEL) to Overweight
Quidel Corporation (NASDAQ:QDEL) was upgraded by stock analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage presently has a $50.00 price target on the stock, up from their prior price target of $35.00. Piper Jaffray Companies’ price objective suggests a potential upside of 16.01% from the company’s previous close.
QDEL has been the subject of a number of other research reports. Zacks Investment Research downgraded shares of Quidel Corporation from a “hold” rating to a “strong sell” rating in a report on Saturday, July 29th. BidaskClub downgraded shares of Quidel Corporation from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 16th. William Blair raised shares of Quidel Corporation from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 18th. TheStreet downgraded shares of Quidel Corporation from a “b-” rating to a “c” rating in a report on Wednesday, July 26th. Finally, Raymond James Financial, Inc. increased their price target on shares of Quidel Corporation from $36.00 to $41.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $44.00.
Quidel Corporation (NASDAQ:QDEL) traded down 0.07% on Tuesday, hitting $43.10. The stock had a trading volume of 425,327 shares. Quidel Corporation has a 52-week low of $18.25 and a 52-week high of $45.55. The company’s 50 day moving average price is $34.42 and its 200 day moving average price is $27.83. The firm’s market cap is $1.44 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 Zacks’ consensus estimate of ($0.17) by ($0.18). Quidel Corporation had a negative net margin of 0.03% and a negative return on equity of 0.03%. The business had revenue of $38.30 million during the quarter, compared to the consensus estimate of $41.91 million. During the same period in the previous year, the business posted ($0.11) EPS. The firm’s revenue was down 2.0% on a year-over-year basis. Analysts expect that Quidel Corporation will post $0.29 EPS for the current year.
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In other Quidel Corporation news, SVP Michael Donald Jr. Abney sold 1,173 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $33.83, for a total value of $39,682.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Douglas C. Bryant sold 36,000 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $27.30, for a total transaction of $982,800.00. Following the completion of the sale, the chief executive officer now directly owns 296,493 shares of the company’s stock, valued at approximately $8,094,258.90. The disclosure for this sale can be found here. In the last three months, insiders sold 203,388 shares of company stock valued at $6,691,992. 22.00% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Quidel Corporation by 3.2% in the second quarter. Vanguard Group Inc. now owns 2,195,101 shares of the company’s stock worth $59,575,000 after purchasing an additional 68,549 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Quidel Corporation by 8.1% in the second quarter. Macquarie Group Ltd. now owns 1,292,492 shares of the company’s stock worth $35,078,000 after purchasing an additional 96,565 shares during the last quarter. Fred Alger Management Inc. lifted its stake in Quidel Corporation by 0.4% in the second quarter. Fred Alger Management Inc. now owns 672,880 shares of the company’s stock worth $18,262,000 after purchasing an additional 2,757 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Quidel Corporation by 27.6% in the second quarter. Renaissance Technologies LLC now owns 612,487 shares of the company’s stock worth $16,623,000 after purchasing an additional 132,587 shares during the last quarter. Finally, State Street Corp lifted its stake in Quidel Corporation by 8.6% in the second quarter. State Street Corp now owns 582,785 shares of the company’s stock worth $15,819,000 after purchasing an additional 46,096 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.
About Quidel Corporation
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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