Piper Jaffray Companies Reaffirms “Buy” Rating for Quidel Corporation (QDEL)
Quidel Corporation (NASDAQ:QDEL)‘s stock had its “buy” rating reaffirmed by investment analysts at Piper Jaffray Companies in a report released on Friday. They currently have a $50.00 price objective on the stock. Piper Jaffray Companies’ target price would suggest a potential upside of 28.04% from the stock’s current price.
A number of other research analysts also recently issued reports on QDEL. Barclays PLC upped their price objective on Quidel Corporation from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday. Canaccord Genuity restated a “buy” rating and issued a $48.00 price objective on shares of Quidel Corporation in a research note on Wednesday, October 25th. BidaskClub cut Quidel Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Raymond James Financial, Inc. upped their price target on Quidel Corporation from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research cut Quidel Corporation from a “hold” rating to a “strong sell” rating in a research report on Saturday, July 29th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Quidel Corporation presently has an average rating of “Buy” and an average target price of $48.80.
Shares of Quidel Corporation (NASDAQ QDEL) traded down $1.39 during trading on Friday, reaching $39.05. The company had a trading volume of 950,431 shares, compared to its average volume of 350,298. The company has a current ratio of 7.19, a quick ratio of 6.46 and a debt-to-equity ratio of 0.71.
Quidel Corporation (NASDAQ:QDEL) last announced its quarterly earnings results on Wednesday, November 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21). Quidel Corporation had a negative return on equity of 2.38% and a negative net margin of 2.33%. The company had revenue of $50.89 million for the quarter, compared to the consensus estimate of $50.47 million. During the same quarter last year, the company posted $0.10 EPS. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. analysts forecast that Quidel Corporation will post 0.79 EPS for the current fiscal year.
In other news, CEO Douglas C. Bryant sold 12,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $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 stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $42.91, for a total value of $1,544,760.00. Following the transaction, the chief executive officer now owns 296,493 shares in the company, valued at $12,722,514.63. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,000 shares of company stock worth $4,806,240. Insiders own 22.00% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank grew its position in Quidel Corporation by 4.2% during the 3rd quarter. Swiss National Bank now owns 47,200 shares of the company’s stock worth $2,070,000 after acquiring an additional 1,900 shares during the last quarter. Smith Asset Management Group LP bought a new position in Quidel Corporation during the 3rd quarter worth approximately $711,000. Harvest Management LLC bought a new position in Quidel Corporation during the 3rd quarter worth approximately $702,000. Nationwide Fund Advisors grew its position in Quidel Corporation by 5.0% during the 3rd quarter. Nationwide Fund Advisors now owns 226,223 shares of the company’s stock worth $9,922,000 after acquiring an additional 10,869 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Quidel Corporation during the 2nd quarter worth approximately $442,000. Institutional investors and hedge funds own 86.92% of the company’s stock.
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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