QuidelOrtho shares are trading lower. The company announced it will withdraw the current FDA 510(k) submission for its Savanna RVP4+ assay.
Portfolio Pulse from Benzinga Newsdesk
QuidelOrtho's stock is trading lower following the announcement that the company will withdraw its FDA 510(k) submission for the Savanna RVP4+ assay.
April 02, 2024 | 4:29 pm
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NEGATIVE IMPACT
QuidelOrtho's decision to withdraw its FDA 510(k) submission for the Savanna RVP4+ assay has led to a decrease in its stock price.
The withdrawal of the FDA 510(k) submission for the Savanna RVP4+ assay is a significant regulatory setback for QuidelOrtho. This move likely raises concerns among investors about potential delays in product development and market entry, which can negatively impact the company's revenue prospects and growth outlook in the short term. The immediate negative reaction in the stock price reflects these concerns.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100