What's Going With COVID-19 Test Maker QuidelOrtho Stock On Tuesday?
Portfolio Pulse from Vandana Singh
QuidelOrtho Corporation (NASDAQ:QDEL) received FDA 510(k) clearance for its QuickVue COVID-19 test but announced the withdrawal of its FDA submission for the Savanna RVP4+ assay due to underperformance against clinical market expectations. Despite this, RBC Capital Markets maintains an Outperform rating and a price target of $81. QDEL shares dropped 10.6% to $42.
April 02, 2024 | 5:05 pm
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NEGATIVE IMPACT
QuidelOrtho received FDA clearance for its QuickVue COVID-19 test but withdrew its Savanna RVP4+ assay submission due to underperformance. Shares fell 10.6%.
The FDA clearance for the QuickVue COVID-19 test is positive, but the withdrawal of the Savanna RVP4+ assay submission due to underperformance against clinical market expectations has negatively impacted investor sentiment, leading to a significant drop in QDEL shares.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100