Cannell Capital LLC Purchases New Holdings in OraSure Technologies, Inc. $OSUR

Key Points

• Cannell Capital LLC acquired 1,427,419 OraSure Technologies shares in the second quarter, valued at approximately $6.37 million and representing about 2.07% of the company.
• Other institutional investors also increased or initiated positions in OSUR, contributing to institutional ownership of 93.5% of the stock.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and a $3.00 target price; OSUR opened at $3.60 after recently trading down 2.4%.

Cannell Capital LLC purchased a new position in shares of OraSure Technologies, Inc. (NASDAQ:OSUR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,427,419 shares of the medical instruments supplier's stock, valued at approximately $6,366,289. OraSure Technologies makes up 0.0% of Cannell Capital LLC's holdings, making the stock its 9th biggest holding. Cannell Capital LLC owned about 2.07% of OraSure Technologies at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in OSUR. Amundi bought a new stake in shares of OraSure Technologies during the 1st quarter valued at $47,000. AQR Capital Management LLC increased its position in shares of OraSure Technologies by 48.3% in the first quarter. AQR Capital Management LLC now owns 1,041,875 shares of the medical instruments supplier's stock worth $3,511,000 after purchasing an additional 339,493 shares during the period. NewEdge Advisors LLC raised its stake in OraSure Technologies by 32,595.9% in the first quarter. NewEdge Advisors LLC now owns 47,736 shares of the medical instruments supplier's stock valued at $161,000 after purchasing an additional 47,590 shares in the last quarter. Empowered Funds LLC lifted its position in OraSure Technologies by 7.2% during the first quarter. Empowered Funds LLC now owns 405,216 shares of the medical instruments supplier's stock worth $1,366,000 after purchasing an additional 27,310 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in OraSure Technologies by 32.7% during the second quarter. Envestnet Asset Management Inc. now owns 33,018 shares of the medical instruments supplier's stock worth $99,000 after purchasing an additional 8,133 shares during the period. Institutional investors own 93.50% of the company's stock.

Analyst Upgrades and Downgrades

OSUR has been the topic of several recent analyst reports. Wall Street Zen raised shares of OraSure Technologies from a "sell" rating to a "hold" rating in a report on Monday, August 10th. Weiss Ratings raised shares of OraSure Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, OraSure Technologies presently has an average rating of "Reduce" and a consensus target price of $3.00.

OraSure Technologies Trading Down 2.4%

OSUR opened at $3.60 on Friday. The company has a market cap of $248.29 million, a P/E ratio of -5.22 and a beta of 1.00. The company's 50 day moving average is $4.05 and its 200-day moving average is $3.54. OraSure Technologies, Inc. has a 1-year low of $2.08 and a 1-year high of $4.58.

OraSure Technologies Profile

OraSure Technologies, Inc is a Bethlehem, Pennsylvania–based diagnostic and medical device company specializing in the development, manufacture and commercialization of point-of-care and self-testing products. Founded in 1988, OraSure has built a portfolio of oral fluid and other non-invasive specimen collection technologies that support the detection of infectious diseases, drugs of abuse, and health and wellness biomarkers.

The company's flagship product, the OraQuick® rapid HIV test, was the first Food and Drug Administration–approved over-the-counter oral fluid test for the detection of HIV-1/2 antibodies.

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