RBC Capital Upgrades QuidelOrtho Corporation to Outperform

On April 2, 2024, RBC Capital upgraded its rating on QuidelOrtho Corporation (QDEL:NASDAQ) to Outperform, while maintaining a hold position, despite a recent submission delay for the company. This decision reflects a strong confidence in QuidelOrtho's future prospects, with the stock priced at $41.82 at the time of the announcement. RBC Capital's positive outlook on QDEL is further supported by the company's recent achievements and its strategic moves in the healthcare sector, as detailed in a report available on TheFly's website.

QuidelOrtho has made significant strides in the healthcare industry, most notably receiving U.S. Food and Drug Administration (FDA) 510(k) clearance for its QuickVue COVID-19 test. This approval marks a critical milestone for the company, allowing the QuickVue test to be used both at home and in medical facilities with CLIA certificates of waiver. This development not only demonstrates QuidelOrtho's commitment to providing accessible and effective testing solutions but also strengthens its position in the competitive market through continuous research and development efforts.

The QuickVue COVID-19 test is designed for individuals exhibiting symptoms of COVID-19 within the first six days of symptom onset. It is approved for self-testing by individuals aged 14 and older and can be administered by an adult for individuals aged two and older. The FDA's clearance of this test underscores QuidelOrtho's dedication to advancing healthcare solutions and improving the availability and reliability of COVID-19 testing in various settings.

Despite these positive developments, QDEL's stock price has seen fluctuations, closing at $42.28, which represents a decline of approximately 10.03% or $4.72. The trading session witnessed the stock moving between a low of $41.75 and a high of $47.17. Over the past year, QDEL's shares have experienced highs and lows, reaching a peak of $98.67 and a bottom of $41.75. Currently, the company boasts a market capitalization of about $2.83 billion, with a trading volume of 1,487,793 shares on the NASDAQ exchange. This financial performance, coupled with the company's strategic advancements in healthcare solutions, forms the basis of RBC Capital's optimistic outlook on QuidelOrtho's future.