Assenagon Asset Management S.A. Buys Shares of 312,124 QuidelOrtho Co. (NASDAQ:QDEL)

Assenagon Asset Management S.A. bought a new stake in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 312,124 shares of the company's stock, valued at approximately $10,915,000. Assenagon Asset Management S.A. owned about 0.46% of QuidelOrtho as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of QDEL. Quarry LP bought a new position in shares of QuidelOrtho during the 4th quarter valued at approximately $43,000. True Wealth Design LLC lifted its position in QuidelOrtho by 300.7% in the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock worth $48,000 after buying an additional 806 shares during the last quarter. Blue Trust Inc. lifted its position in QuidelOrtho by 188.0% in the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock worth $58,000 after buying an additional 844 shares during the last quarter. State of Wyoming bought a new stake in QuidelOrtho in the fourth quarter worth $164,000. Finally, Sterling Capital Management LLC lifted its position in QuidelOrtho by 75.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock worth $166,000 after buying an additional 1,601 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors.

QuidelOrtho Stock Performance

NASDAQ:QDEL traded down $0.98 during trading hours on Friday, reaching $28.90. The company had a trading volume of 927,957 shares, compared to its average volume of 1,088,589. QuidelOrtho Co. has a 1-year low of $23.77 and a 1-year high of $49.45. The firm has a market cap of $1.95 billion, a PE ratio of -0.95 and a beta of 0.10. The business's 50 day moving average price is $29.50 and its 200-day moving average price is $36.73. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. During the same period in the previous year, the company posted $0.44 earnings per share. QuidelOrtho's revenue for the quarter was down 2.6% on a year-over-year basis. Research analysts forecast that QuidelOrtho Co. will post 2.3 EPS for the current year.

Wall Street Analysts Forecast Growth

QDEL has been the subject of a number of analyst reports. Wall Street Zen upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. lowered their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. UBS Group lowered their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.33.

QuidelOrtho Profile

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.