Quidel (NASDAQ:QDEL) Downgraded by Zacks Investment Research to “Sell”

Quidel (NASDAQ:QDEL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

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. “

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Quidel from $90.00 to $80.00 and set an “underweight” rating for the company in a report on Friday, June 4th. Craig Hallum reduced their price target on shares of Quidel from $296.00 to $219.00 and set a “buy” rating for the company in a report on Thursday, June 17th. Finally, Raymond James raised their price objective on shares of Quidel from $141.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, August 6th.

QDEL opened at $146.35 on Wednesday. Quidel has a twelve month low of $103.31 and a twelve month high of $288.70. The company has a fifty day moving average of $131.86 and a 200-day moving average of $126.63. The stock has a market cap of $6.09 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 0.81 and a beta of -0.07.

Quidel (NASDAQ:QDEL) last posted its quarterly earnings data on Thursday, August 5th. The company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.42). The firm had revenue of $176.61 million for the quarter, compared to analyst estimates of $173.29 million. Quidel had a return on equity of 73.85% and a net margin of 48.96%. On average, equities research analysts anticipate that Quidel will post 7.35 EPS for the current fiscal year.

In related news, Director Mary Lake Ph D. Polan sold 6,167 shares of the firm’s stock in a transaction dated Friday, September 3rd. The shares were sold at an average price of $141.71, for a total transaction of $873,925.57. Following the transaction, the director now directly owns 19,987 shares of the company’s stock, valued at $2,832,357.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Quidel by 2.1% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,558,897 shares of the company’s stock valued at $840,326,000 after purchasing an additional 133,574 shares in the last quarter. Vanguard Group Inc. raised its position in Quidel by 2.1% in the second quarter. Vanguard Group Inc. now owns 3,863,171 shares of the company’s stock worth $494,949,000 after acquiring an additional 79,080 shares during the period. BlackRock Inc. raised its position in Quidel by 1.9% in the first quarter. BlackRock Inc. now owns 3,578,316 shares of the company’s stock worth $457,773,000 after acquiring an additional 67,421 shares during the period. Brown Capital Management LLC raised its position in Quidel by 16.7% in the second quarter. Brown Capital Management LLC now owns 2,644,609 shares of the company’s stock worth $338,827,000 after acquiring an additional 378,368 shares during the period. Finally, State Street Corp raised its position in Quidel by 9.3% in the second quarter. State Street Corp now owns 1,040,370 shares of the company’s stock worth $133,292,000 after acquiring an additional 88,637 shares during the period. 90.31% of the stock is currently owned by institutional investors.

About Quidel

Quidel Corp. engages in the development, manufacture and market of rapid diagnostic testing solutions. Its portfolio includes rapid immunoassays, cardiac immunoassays, specialized diagnostic solutions and molecular diagnostic solutions. The firm products are directly sold to end users and distributors and for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, urgent care clinics, universities, retail clinics, pharmacies and wellness screening centers.

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