OraSure Technologies (NASDAQ:OSUR) Share Price Crosses Above 200 Day Moving Average - Here's Why

OraSure Technologies, Inc. (NASDAQ:OSUR - Get Free Report)'s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.26 and traded as high as $3.31. OraSure Technologies shares last traded at $3.28, with a volume of 702,770 shares changing hands.

Analysts Set New Price Targets

Several brokerages have commented on OSUR. Wall Street Zen raised shares of OraSure Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Evercore ISI restated an "in-line" rating and issued a $3.00 price target on shares of OraSure Technologies in a report on Monday, May 19th.

OraSure Technologies Stock Up 1.6%

The firm has a market cap of $243.10 million, a PE ratio of -7.74 and a beta of 0.45. The stock's fifty day simple moving average is $2.89 and its two-hundred day simple moving average is $3.25.

OraSure Technologies declared that its Board of Directors has approved a share repurchase plan on Monday, March 24th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the medical instruments supplier to purchase up to 15.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OSUR. Tower Research Capital LLC TRC grew its position in OraSure Technologies by 202.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,821 shares of the medical instruments supplier's stock valued at $28,000 after acquiring an additional 5,234 shares during the period. Farther Finance Advisors LLC acquired a new position in OraSure Technologies in the 2nd quarter worth about $26,000. Causeway Capital Management LLC purchased a new stake in shares of OraSure Technologies in the fourth quarter worth approximately $36,000. Raymond James Financial Inc. bought a new position in OraSure Technologies during the fourth quarter valued at $37,000. Finally, Boothbay Fund Management LLC purchased a new stake in OraSure Technologies during the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 93.50% of the company's stock.

About OraSure Technologies

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company's products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.