Canaccord Genuity analyst Mark Massaro maintained a Buy rating on Quidel Corp (QDEL) today and set a price target of $80. The company’s shares opened today at $66.84.
Massaro noted:
“We reiterate our BUY rating and $80 PT. Q3. Q3 revs of $117M (+131% Y/Y) matched us but came in below Street’s $120M, largely due to a $2M shortfall on its cardiac segment (see below). GMs of 59% beat our 56.5% and Adj. EPS of $0.59 beat our $0.39/Street’s $0.48. Flu revs of $21.6M (-10% Y/Y) beat our $19.5M, and flu distributor inventory levels are low, while ILI levels tick higher, which suggests to us that there may be upside to our $24M (-27% Y/Y) flu estimate (unchanged) for Q4.”
According to TipRanks.com, Massaro is a 5-star analyst with an average return of 16.5% and a 59.0% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Quanterix Corporation, and Orasure Technologies.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Quidel Corp with a $81.25 average price target, implying a 21.6% upside from current levels. In a report issued on October 23, Raymond James also resumed coverage with a Buy rating on the stock with a $80 price target.
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Based on Quidel Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.08 million. In comparison, last year the company had a GAAP net loss of $5.53 million.
Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Kenneth Buechler, a Director at QDEL sold 5,000 shares for a total of $375,000.
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Quidel Corp. engages in the development, manufacture, and market of rapid diagnostic testing solutions. Its portfolio includes immunoassays, molecular diagnostics, virology, and specialty products. Immunoassay tests are for physician offices, hospital laboratories, emergency departments, pharmacies, and other urgent care or alternative site settings.
