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Quidel (QDEL) Dips More Than Broader Markets: What You Should Know

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Quidel (QDEL - Free Report) closed the most recent trading day at $112.17, moving -1.71% from the previous trading session. This change lagged the S&P 500's 1.23% loss on the day. At the same time, the Dow lost 1.29%, and the tech-heavy Nasdaq lost 0.34%.

Prior to today's trading, shares of the medical diagnostics company had gained 10.7% over the past month. This has outpaced the Medical sector's gain of 6.66% and the S&P 500's gain of 5.04% in that time.

Wall Street will be looking for positivity from Quidel as it approaches its next earnings report date. On that day, Quidel is projected to report earnings of $9.28 per share, which would represent year-over-year growth of 111.87%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $823.07 million, up 119.29% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $15.75 per share and revenue of $2 billion. These totals would mark changes of -11.12% and +17.67%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Quidel. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 29.16% higher. Quidel is holding a Zacks Rank of #1 (Strong Buy) right now.

Digging into valuation, Quidel currently has a Forward P/E ratio of 7.25. Its industry sports an average Forward P/E of 23.05, so we one might conclude that Quidel is trading at a discount comparatively.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 39% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow QDEL in the coming trading sessions, be sure to utilize Zacks.com.


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