Why Did Canaccord Genuity Downgrade Orasure Technologies’ Stock?


Orasure Technologies (OSUR) received a Hold rating and a $10 price target from Canaccord Genuity analyst Mark Massaro today. The company’s shares closed yesterday at $9.75, close to its 52-week low of $8.75.

Massaro noted:

“We no longer have this conviction, and thus, we downgrade OSUR from Buy to HOLD, remove OSUR as one of our top picks, and lower our PT from $16 to $10. We acknowledge OSUR could potentially look attractive to value investors at present levels (~2.5x our ’19 revs), or possibly even to a larger company looking to do a tuck-in. Q1/19 recap. Y/Y) narrowly topped our/Street’s ~$29.7M while EPS of ($0.05) were roughly in line with our/Street’s ($0.06)/guide of ($0.06)- ($0.07).”

According to TipRanks.com, Massaro is a top 100 analyst with an average return of 18.8% and a 62.9% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.

Currently, the analyst consensus on Orasure Technologies is a Hold with an average price target of $10.

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Based on Orasure Technologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $10.3 million. In comparison, last year the company had a GAAP net loss of $2.12 million.

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OraSure Technologies, Inc. engages in the development, manufacture, and distribution of point of care diagnostic and collection devices and other technologies designed to detect or diagnose critical medical conditions. It operates through the OSUR and DNAG segments.

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