Quidel Corporation (QDEL) Upgraded to “Overweight” at Piper Jaffray Companies
Piper Jaffray Companies upgraded shares of Quidel Corporation (NASDAQ:QDEL) from a neutral rating to an overweight rating in a report released on Tuesday morning, Marketbeat reports. Piper Jaffray Companies currently has $50.00 price objective on the stock, up from their previous price objective of $35.00.
Other equities analysts have also recently issued reports about the company. TheStreet upgraded Quidel Corporation from a c+ rating to a b- rating in a report on Thursday, July 6th. Canaccord Genuity upgraded Quidel Corporation from a hold rating to a buy rating in a report on Tuesday, July 18th. Zacks Investment Research upgraded Quidel Corporation from a hold rating to a buy rating and set a $30.00 target price on the stock in a report on Tuesday, July 18th. BidaskClub cut Quidel Corporation from a strong-buy rating to a buy rating in a report on Sunday, July 16th. Finally, William Blair upgraded Quidel Corporation from a market perform rating to an outperform rating in a report on Tuesday, July 18th. One equities 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’s stock. The company presently has an average rating of Buy and an average price target of $44.00.
Shares of Quidel Corporation (NASDAQ:QDEL) opened at 43.10 on Tuesday. The company’s 50 day moving average price is $34.42 and its 200-day moving average price is $27.83. Quidel Corporation has a 1-year low of $18.25 and a 1-year high of $45.55. The firm’s market cap is $1.44 billion.
Quidel Corporation (NASDAQ:QDEL) last issued its earnings results on Wednesday, July 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.18). The company had revenue of $38.30 million during the quarter, compared to analyst estimates of $41.91 million. Quidel Corporation had a negative return on equity of 0.03% and a negative net margin of 0.03%. The business’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. Equities analysts expect that Quidel Corporation will post $0.29 EPS for the current fiscal year.
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In other news, CFO Randall J. Steward sold 94,215 shares of Quidel Corporation stock in a transaction on Friday, July 28th. The stock was sold at an average price of $34.09, for a total transaction of $3,211,789.35. Following the transaction, the chief financial officer now owns 79,907 shares in the company, valued at $2,724,029.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Douglas C. Bryant sold 36,000 shares of Quidel Corporation stock in a transaction on Friday, June 30th. The shares were sold at an average price of $27.30, for a total value of $982,800.00. Following the transaction, the chief executive officer now owns 296,493 shares in the company, valued at approximately $8,094,258.90. The disclosure for this sale can be found here. Insiders have sold 203,388 shares of company stock worth $6,691,992 in the last quarter. 22.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Quidel Corporation by 3.2% during the second quarter. Vanguard Group Inc. now owns 2,195,101 shares of the company’s stock valued at $59,575,000 after buying an additional 68,549 shares in the last quarter. Macquarie Group Ltd. grew its holdings in shares of Quidel Corporation by 8.1% during the second quarter. Macquarie Group Ltd. now owns 1,292,492 shares of the company’s stock valued at $35,078,000 after buying an additional 96,565 shares in the last quarter. Fred Alger Management Inc. grew its holdings in shares of Quidel Corporation by 0.4% during the second quarter. Fred Alger Management Inc. now owns 672,880 shares of the company’s stock valued at $18,262,000 after buying an additional 2,757 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Quidel Corporation by 27.6% during the second quarter. Renaissance Technologies LLC now owns 612,487 shares of the company’s stock valued at $16,623,000 after buying an additional 132,587 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Quidel Corporation by 8.6% during the second quarter. State Street Corp now owns 582,785 shares of the company’s stock valued at $15,819,000 after buying an additional 46,096 shares in the last quarter. Institutional investors and hedge funds own 87.17% 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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