Wedbush Securities Reiterates Neutral Rating, $13 PT on Quidel Corporation

In a report published Monday, Wedbush Securities reiterated its Neutral rating and $13.00 price target on Quidel Corporation (NASDAQ: QDEL).

Wedbush Securities noted, “Based on data from the CDC, US flu activity decreased substantially during week 51 to 1,846 positive cases, which represented a 32% decline versus the 2,709 positive cases reported during the prior week. We believe the number of positive cases reported during week 51 may be artificially low due the 35% falloff in the number of tests administered, which could be a result of a structural slowdown from the holiday season. Of note, the percentage of positives cases out of the total tests administered went up 200 BPs wk/wk to 30%. The proportion of patient visits to sentinel providers for flu-like illness (ILI) was 4.2% (up strongly versus 3.2% during the prior week) and solidly above the historical baseline level of 2.2% (see Figure 2), which is a key threshold, above which drives significantly increased order flow for the company.”

Quidel Corporation closed on Friday at $18.26.

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