Birchview Capital LP Makes New Investment in QuidelOrtho Corporation $QDEL

Key Points

• Birchview Capital LP acquired 67,619 shares of QuidelOrtho Corporation, valued at approximately $2.365 million, making it the company's 11th largest position.
• QuidelOrtho reported earnings of $0.12 per share for the last quarter, surpassing estimates, but its revenue decreased by 3.6% year-over-year.
• Analysts have mixed opinions on QuidelOrtho, with four rated as "Buy," two as "Hold," and one as "Sell," while the consensus price target is $42.17.

Birchview Capital LP bought a new stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 67,619 shares of the company's stock, valued at approximately $2,365,000. QuidelOrtho comprises approximately 2.0% of Birchview Capital LP's portfolio, making the stock its 11th largest holding. Birchview Capital LP owned 0.10% of QuidelOrtho as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of QDEL. Voya Investment Management LLC lifted its position in QuidelOrtho by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after acquiring an additional 538 shares during the last quarter. Northern Trust Corp raised its holdings in shares of QuidelOrtho by 36.2% in the fourth quarter. Northern Trust Corp now owns 431,710 shares of the company's stock worth $19,233,000 after buying an additional 114,850 shares during the last quarter. Comerica Bank raised its holdings in shares of QuidelOrtho by 4.5% in the fourth quarter. Comerica Bank now owns 50,840 shares of the company's stock worth $2,265,000 after buying an additional 2,176 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of QuidelOrtho by 27.9% in the fourth quarter. Ameriprise Financial Inc. now owns 243,409 shares of the company's stock worth $10,844,000 after buying an additional 53,125 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of QuidelOrtho in the fourth quarter worth $457,000. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Price Performance

Shares of NASDAQ:QDEL traded up $0.89 during midday trading on Friday, hitting $28.68. The company's stock had a trading volume of 971,432 shares, compared to its average volume of 1,110,064. The business's 50 day simple moving average is $27.06 and its 200 day simple moving average is $30.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. The company has a market cap of $1.95 billion, a P/E ratio of -4.39 and a beta of 0.14. QuidelOrtho Corporation has a 12-month low of $22.05 and a 12-month high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.11. The firm had revenue of $613.90 million for the quarter, compared to the consensus estimate of $612.36 million. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The company's revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the firm posted ($0.07) earnings per share. On average, analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup decreased their price target on shares of QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, UBS Group cut their price objective on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $39.20.

About QuidelOrtho

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.