Evercore ISI Reiterates “In-Line” Rating for OraSure Technologies (NASDAQ:OSUR)

OraSure Technologies (NASDAQ:OSUR)‘s stock had its “in-line” rating reiterated by investment analysts at Evercore ISI in a research note issued to investors on Monday,Benzinga reports. They presently have a $3.00 target price on the medical instruments supplier’s stock. Evercore ISI’s price objective would indicate a potential upside of 7.14% from the company’s current price.

Separately, StockNews.com raised OraSure Technologies from a “sell” rating to a “hold” rating in a report on Saturday.

OraSure Technologies Price Performance

Shares of OSUR opened at $2.80 on Monday. OraSure Technologies has a one year low of $2.36 and a one year high of $5.08. The firm has a market capitalization of $209.44 million, a P/E ratio of 18.67 and a beta of 0.42. The business has a fifty day moving average of $3.05 and a 200 day moving average of $3.54.

OraSure Technologies declared that its board has authorized a stock buyback plan on Monday, March 24th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the medical instruments supplier to repurchase up to 15.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at OraSure Technologies

In other OraSure Technologies news, CEO Manner Carrie Eglinton acquired 78,625 shares of the stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $3.15 per share, for a total transaction of $247,668.75. Following the completion of the transaction, the chief executive officer now directly owns 1,259,664 shares of the company’s stock, valued at approximately $3,967,941.60. The trade was a 6.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Kenny acquired 47,659 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average price of $3.17 per share, for a total transaction of $151,079.03. Following the completion of the transaction, the director now directly owns 70,915 shares of the company’s stock, valued at approximately $224,800.55. This represents a 204.93% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 190,284 shares of company stock worth $600,348. Corporate insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On OraSure Technologies

Several large investors have recently made changes to their positions in the business. Private Management Group Inc. purchased a new position in shares of OraSure Technologies in the first quarter valued at about $14,886,000. Renaissance Technologies LLC lifted its position in shares of OraSure Technologies by 23.1% in the fourth quarter. Renaissance Technologies LLC now owns 2,774,443 shares of the medical instruments supplier’s stock valued at $10,016,000 after acquiring an additional 521,400 shares in the last quarter. American Century Companies Inc. lifted its position in shares of OraSure Technologies by 6.8% in the first quarter. American Century Companies Inc. now owns 2,505,124 shares of the medical instruments supplier’s stock valued at $8,442,000 after acquiring an additional 159,287 shares in the last quarter. Millennium Management LLC lifted its position in shares of OraSure Technologies by 16.7% in the fourth quarter. Millennium Management LLC now owns 2,158,450 shares of the medical instruments supplier’s stock valued at $7,792,000 after acquiring an additional 308,420 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of OraSure Technologies by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 1,844,139 shares of the medical instruments supplier’s stock valued at $6,659,000 after acquiring an additional 46,325 shares in the last quarter. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

OraSure Technologies Company Profile

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.