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QuidelOrtho (QDEL) Moves 32.2% Higher: Will This Strength Last?
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QuidelOrtho (QDEL - Free Report) shares ended the last trading session 32.2% higher at $18.23. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.9% gain over the past four weeks.
The sharp surge in QDEL shares can be attributed to reports that QuidelOrtho is exploring the sale of its Point-of-Care testing business for an estimated $1.5 billion. The potential divestiture, which has reportedly attracted interest from several private equity firms, is expected to help the company reduce its roughly $2.6 billion debt burden stemming from its 2022 merger with Ortho Clinical Diagnostics. Investors viewed the move as a potential value-unlocking catalyst that could streamline QuidelOrtho's operations, strengthen its balance sheet and sharpen its focus on its core diagnostics franchises, driving the stock sharply higher.
This medical diagnostics company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -66.7%. Revenues are expected to be $625.38 million, up 1.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For QuidelOrtho, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QDEL going forward to see if this recent jump can turn into more strength down the road.
QuidelOrtho is a member of the Zacks Medical - Products industry. One other stock in the same industry, TriSalus Life Sciences, Inc. (TLSI - Free Report) , finished the last trading session 0.2% higher at $4.74. TLSI has returned 38.7% over the past month.
For TriSalus Life Sciences, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.11. This represents a change of +59.3% from what the company reported a year ago. TriSalus Life Sciences, Inc. currently has a Zacks Rank of #3 (Hold).
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QuidelOrtho (QDEL) Moves 32.2% Higher: Will This Strength Last?
QuidelOrtho (QDEL - Free Report) shares ended the last trading session 32.2% higher at $18.23. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.9% gain over the past four weeks.
The sharp surge in QDEL shares can be attributed to reports that QuidelOrtho is exploring the sale of its Point-of-Care testing business for an estimated $1.5 billion. The potential divestiture, which has reportedly attracted interest from several private equity firms, is expected to help the company reduce its roughly $2.6 billion debt burden stemming from its 2022 merger with Ortho Clinical Diagnostics. Investors viewed the move as a potential value-unlocking catalyst that could streamline QuidelOrtho's operations, strengthen its balance sheet and sharpen its focus on its core diagnostics franchises, driving the stock sharply higher.
This medical diagnostics company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -66.7%. Revenues are expected to be $625.38 million, up 1.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For QuidelOrtho, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QDEL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
QuidelOrtho is a member of the Zacks Medical - Products industry. One other stock in the same industry, TriSalus Life Sciences, Inc. (TLSI - Free Report) , finished the last trading session 0.2% higher at $4.74. TLSI has returned 38.7% over the past month.
For TriSalus Life Sciences, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.11. This represents a change of +59.3% from what the company reported a year ago. TriSalus Life Sciences, Inc. currently has a Zacks Rank of #3 (Hold).