QuidelOrtho Stock (NASDAQ:QDEL), Trade Ideas

QuidelOrtho

QuidelOrtho Corp is engaged in the development, manufacturing, and marketing of rapid diagnostic testing solutions. The company is engaged in immunoassay and molecular testing, clinical chemistry and transfusion medicine which helps clinicians and patients to make decisions across the globe. Geographically the company has its presence in North America, EMEA, China and Other countries. It generates majority if the revenue from North America.

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Shares of  Stryve Foods, Inc. (NASDAQ: SNAX) fell sharply during Tuesday’s session following a fourth-quarter revenue miss.

Why Stryve Foods Shares Are Trading Lower By Around 25%? Here Are Other Stocks Moving In Tuesday&#39;s Mid-Day Session

covid vaccine shutter

Analyst Color

Health Care

Analyst Ratings

General

QuidelOrtho secures FDA approval for QuickVue COVID-19 test, catering to home and medical settings. Despite Savanna RVP4+ assay withdrawal, company promises a new multiplex assay for 2024/2025 respiratory season.

What&#39;s Going With COVID-19 Test Maker QuidelOrtho Stock On Tuesday?

Earnings

Eurozone

Commodities

Global

AZTR

ENGN

HCSG

LYFT

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining around 100 points on Wednesday.

The Dow traded up 0.11% to 38,313.27 while the NASDAQ rose 0.70% to 15,765.18. The S&amp;P 500 also rose, gaining, 0.49% to 4,977.43.

Dow Edges Higher; QuidelOrtho Shares Plummet

QuidelOrtho Corp

QuidelOrtho Adds Fentanyl Test To Its Vitros Systems As A MicroTip Partnership Assay To Help Hospital And Emergency Room Customers Allow On-site Fentanyl Testing In Less Than 10 Minutes

Shares of Stryve Foods, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snax#NASDAQ">SNAX</a>) fell sharply during Tuesday&rsquo;s session following a <a href="https://www.benzinga.com/quote/SNAX/earnings">fourth-quarter revenue miss.</a>
Stryve Foods posted adjusted loss of $1.90 per share, versus market estimates for a loss of $1.96 per share. The company&rsquo;s sales came in at $2.887 million versus expectations of $5.009 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Stryve Foods shares dipped 25.2% to $1.0965 on Tuesday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>VivoPower International PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vvpr#NASDAQ">VVPR</a>) shares surged 315% to $6.10 after the company&#39;s Tembo subsidiary announced it will merge with the Nasdaq-listed Cactus Acquisition Corp. 1 Limited.</li>
<li>Trio Petroleum Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tpet#NYSE">TPET</a>) gained 73.8% to $0.1797 after jumping over 21% on Monday.</li>
<li>XTI Aerospace, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/xtia#NASDAQ">XTIA</a>) rose 63.9% to $3.3750 after jumping 19% on Monday.</li>
<li>Kidpik Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pik#NASDAQ">PIK</a>) shares climbed 35.2% to $5.90 after the company entered a merger agreement with Nina Footwear.</li>
<li>VirTra, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vtsi#NASDAQ">VTSI</a>) rose 32.8% to $12.67 after the company reported better-than-expected fourth-quarter results.</li>
<li>MSP Recovery, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lifw#NASDAQ">LIFW</a>) gained 26.9% to $0.8449 after a 13G filing showed Palantir Technologies reported a 6.5% stake in the company as of March 22, 2024.</li>
<li>Aditxt, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adtx#NASDAQ">ADTX</a>) gained 20% to $3.8204 after the company announced it will acquire Appili Therapeutics.</li>
<li>TMC the metals company Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tmc#NASDAQ">TMC</a>) climbed 18.1% to $1.70.</li>
<li>C3is Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ciss#NASDAQ">CISS</a>) rose 18% to $0.0426.</li>
<li>Nexalin Technology, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxl#NASDAQ">NXL</a>) gained 18% to $2.2400. Nexalin Technology announced the appointment of Government Affairs Veteran William A. Hudson, Jr. to Military &amp; Government Advisory Board.</li>
<li>Concord Medical Services Holdings Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ccm#NYSE">CCM</a>) rose 17.7% to $0.6119.</li>
<li>Jiuzi Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jzxn#NASDAQ">JZXN</a>) gained 10.7% to $4.43.</li>
<li>Yatsen Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ysg#NYSE">YSG</a>) rose 10% to $2.52.</li>
<li>ChampionX Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chx#NASDAQ">CHX</a>) gained 9.5% to $38.78 after SLB announced it will acquire the company.</li>
<li>Canopy Growth Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cgc#NASDAQ">CGC</a>) rose 8.2% to $8.15.</li>
<li>SIGA Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/siga#NASDAQ">SIGA</a>) gained 7.4% to $9.45. SIGA Technologies entered amendment to its international promotion agreement with Meridian Medical.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Acorda Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acor#NASDAQ">ACOR</a>) shares dipped 83.5% to $2.1999 after the company commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.</li>
<li>Gritstone bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/grts#NASDAQ">GRTS</a>) dipped 47% to $1.2450 after the company announced a $32.5 million underwritten public offering of 8,333,333 shares of common stock and accompanying common warrants at $1.50 per share and accompanying common warrant.</li>
<li>Orgenesis Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/orgs#NASDAQ">ORGS</a>) fell 39.8% to $0.3499.</li>
<li>Verve Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verv#NASDAQ">VERV</a>) dipped 37.7% to $7.96 amid the company pausing enrollment in its Heart-1 Phase 1b clinical trial after a participant experienced a Grade 3 drug-induced transient increase in serum alanine aminotransferase as well as a serious adverse event.</li>
<li>Microvast Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mvst#NASDAQ">MVST</a>) fell 32.1% to $0.6078 after announcing fourth-quarter financial results.</li>
<li>Binah Capital Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bcg#NASDAQ">BCG</a>) dipped 31.2% to $7.11.</li>
<li>Canoo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goev#NASDAQ">GOEV</a>) fell 28.7% to $2.7593 after the company issued weak 2024 revenue guidance.</li>
<li>CXApp Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cxai#NASDAQ">CXAI</a>) declined 26.8% to $4.50, pulling back after the stock rallied on Monday following a Google Cloud partnership.</li>
<li>Pioneer Power Solutions, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ppsi#NASDAQ">PPSI</a>) fell 25.8% to $4.40 after reporting unaudited preliminary financial results for the fourth quarter and 12 months ended Dec. 31, 2023.</li>
<li>Petros Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ptpi#NASDAQ">PTPI</a>) fell 23.8% to $1.0650 following weak quarterly results.</li>
<li>Yield10 Bioscience, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/yten#NASDAQ">YTEN</a>) dipped 23.5% to $0.2933 following quarterly results.</li>
<li>PVH Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pvh#NYSE">PVH</a>) fell 23.3% to $107.19 after the company reported fourth-quarter financial results and issued guidance.</li>
<li>Aclarion, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acon#NASDAQ">ACON</a>) shares tumbled 21.8% to $0.3205 after jumping 24% on Monday. Aclarion received a Notice of Allowance for its U.S. patent application 18/190,723 titled &quot;Magnetic Resonance Spectroscopy Pulse Sequence, Acquisition, And Processing System And Method (For Diagnosing Pain).&quot;</li>
<li>GCT Semiconductor Holding, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gcts#NASDAQ">GCTS</a>) shares fell 19.6% to $14.53 after declining over 45% on Monday. GCT Semiconductor appointed Nelson C. Chan to Board of Directors.</li>
<li>Allego N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/allg#NYSE">ALLG</a>) fell 18.4% to $1.25. Allego postponed fourth quarter And full year 2023 financial results conference call.</li>
<li>AST SpaceMobile, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asts#NASDAQ">ASTS</a>) declined 17.4% to $2.1724 after the company reported worse-than-expected fourth quarter EPS results.</li>
<li>Tritium DCFC Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dcfc#NASDAQ">DCFC</a>) declined 15.5% to $8.50.</li>
<li>Cipher Mining Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cifr#NASDAQ">CIFR</a>) fell 15% to $4.15 amid a drop in Bitcoin.</li>
<li>Humana Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hum#NYSE">HUM</a>) shares fell 13.8% to $302.65 after the Centers for Medicare &amp; Medicaid Services (CMS) finalized payment updates. The CMS announced Monday that it finalized the calendar year 2025 Rate Announcement for the Medicare Advantage (MA) and Medicare Part D Prescription Drug (Part D) programs that updates payment policies for these programs and ensures payment accuracy.</li>
<li>AERWINS Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/awin#NASDAQ">AWIN</a>) declined 12.1% to $5.80.</li>
<li>Avalo Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avtx#NASDAQ">AVTX</a>) fell 11% to $15.93. Avalo Therapeutics shares fell around 18% on Monday after the company reported worse-than-expected FY23 EPS results.</li>
<li>Fractyl Health, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/guts#NASDAQ">GUTS</a>) shares dipped 10.7% to $6.64 amid volatility after the company reported fourth-quarter financial results.</li>
<li>HWH International Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hwh#NASDAQ">HWH</a>) shares fell 10.5% to $0.8450 after falling 5% on Monday.</li>
<li>agilon health, inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/agl#NYSE">AGL</a>) fell 9.6% to $5.28.</li>
<li>QuidelOrtho Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qdel#NASDAQ">QDEL</a>) fell 8.5% to $43.01. QuidelOrtho receives FDA clearance for QuickVue COVID-19 test.</li>
<li>CVS Health Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvs#NYSE">CVS</a>) shares declined 8.2% to $73.00 after the Centers for Medicare &amp; Medicaid Services (CMS) finalized payment updates.</li>
<li>CleanSpark, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clsk#NASDAQ">CLSK</a>) fell 7.9% to $17.11 amid a drop in Bitcoin.</li>
<li>RH (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rh#NYSE">RH</a>) fell 7.3% to $310.31. Goldman Sachs analyst Kate McShane maintained RH with a Sell and raised the price target from $201 to $264.</li>
<li>MicroStrategy Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mstr#NASDAQ">MSTR</a>) shares declined 7.2% to $1,518.97 amid a decline in Bitcoin.</li>
<li>UnitedHealth Group Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/unh#NYSE">UNH</a>) fell 7.2% to $454.44 on the heels of finalized payment updates from the Centers for Medicare &amp; Medicaid Services (CMS).</li>
</ul>
&nbsp;
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Why Stryve Foods Shares Are Trading Lower By Around 25%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session

On Tuesday,&nbsp;QuidelOrtho Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) received FDA 510(k) clearance for its&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38046244/quidelortho-receives-fda-510-k-clearance-for-its-quickvue-covid-19-test" rel="noreferrer noopener">QuickVue COVID-19 test</a>.&nbsp;
This clearance allows the test to be used accurately and conveniently in home and medical facility settings with CLIA certificates of waiver.&nbsp;
The QuickVue COVID-19 test, designed for symptomatic individuals within six days of symptom onset, is cleared for use in individuals aged 14 or older when self-testing and in those aged two and older when administered by an adult.&nbsp;
QuidelOrtho secured FDA 510(k) clearance in December 2023 for its Savanna PCR platform and Savanna HSV 1+2/VZV PCR assay.&nbsp;
This clearance authorizes the marketing and sale of the Savanna multiplex molecular platform and the Savanna HSV 1+2/VZV assay to U.S. laboratories conducting moderate or high-complexity diagnostic testing.
However, the shares are plunging as the company said that upon reviewing the performance of the Savanna RVP4+ (Respiratory Viral Panel-4) assay against the clinical market&#8217;s expectations, a decision was made to withdraw the current FDA 510(k) submission for the Savanna RVP4+ assay.&nbsp;
The Savanna RVP4 Assay is intended for use with the Savanna instrument for the simultaneous qualitative detection and differentiation of influenza A, influenza B, respiratory syncytial virus, and SARS-CoV-2 (COVID-19).
Data generated over a 9-month for the four viruses targeted by the assay initially showed great promise, leading to the FDA submission in July 2023. However, the final dataset, submitted in February 2024, did not meet expectations.&nbsp;
In addition, during the pendency of the submission, the company has continued to develop the next-generation RVP4+ assay. The company anticipates the new multiplex assay to be commercially available during the 2024/2025 respiratory season.
The company expects to begin clinical trials for its sexually transmitted infection panel later in the second quarter.
RBC Capital Markets&nbsp;writes that despite the news, there has been no change in the price target of $81 and&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/QDEL/analyst-ratings" rel="noreferrer noopener">the Outperform rating</a>.
RBC said it reached out to management, and they said that they have been working in parallel to address issues seen in the prior panel.&nbsp;
The company also mentioned no updates to Savanna&#8217;s 2024 guidance of $30 million &#8211; $50 million, with dilutive EBITDA margins.
Price Action: QDEL shares are down 10.6% at $42 on the last check Tuesday.
Photo via Shutterstock

What's Going With COVID-19 Test Maker QuidelOrtho Stock On Tuesday?

WIIM

QuidelOrtho shares are trading lower. The company announced it will withdraw the current FDA 510(k) submission for its Savanna RVP4+ assay.

Management

RBC Out With Note On QuidelOrtho Saying "After Speaking To Management No Change At QuidelOrtho; Company Withdraws Original Savanna RVP4+ Assay From FDA 510(k) Submission, Plans Resubmission Ahead Of 2024/2025 Respiratory Season

Test Delivers on Company Commitment to Advance the Power of Diagnostics to Empower Patients with Rapid Results in Just 10 Minutes
Savanna&#xAE; RVP4+ Assay Research and Development Update

Biotech

QuidelOrtho Receives FDA Clearance For QuickVue COVID-19 Test

QuidelOrtho Receives Health Canada Approval For Quidel Triage PLGF Test For Laboratory Use In Canada

In the preceding three months, 6 analysts have released ratings for QuidelOrtho (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>), presenting a wide array of perspectives from bullish to bearish.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $73.0, with a high estimate of $130.00 and a low estimate of $37.00. Highlighting a 27.12% decrease, the current average has fallen from the previous average price target of $100.17. 
<img src="https://www.benzinga.com/files/images/story/2024/1709553636_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
The standing of QuidelOrtho among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>John Sourbeer</td>
<td>UBS</td>
<td>Lowers</td>
<td>Sell</td>
<td>$42.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Conor McNamara</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$81.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Andrew Cooper</td>
<td>Raymond James</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$76.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Casey Woodring</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$37.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>Conor McNamara</td>
<td>RBC Capital</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$130.00</td>
<td>$140.00</td>
</tr>
<tr>
<td>Patrick Donnelly</td>
<td>Citigroup</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$72.00</td>
<td>$95.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to QuidelOrtho. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of QuidelOrtho compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of QuidelOrtho's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/QDEL/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on QuidelOrtho analyst ratings.</a>
<h2>About QuidelOrtho</h2>
QuidelOrtho Corp is engaged in the development, manufacturing, and marketing of rapid diagnostic testing solutions. The company is engaged in immunoassay and molecular testing, clinical chemistry and transfusion medicine which helps clinicians and patients to make better decisions across the globe. Geographically the company has its presence in North America, EMEA, China and Other countries. It generates majority if the revenue from North America.
<h3>QuidelOrtho: A Financial Overview</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Decline in Revenue: Over the 3 months period, QuidelOrtho faced challenges, resulting in a decline of approximately -0.19% in revenue growth as of 31 December, 2023. This signifies a reduction in the company's top-line earnings. When compared to others in the Health Care sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: QuidelOrtho's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 0.94%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): QuidelOrtho's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 0.14%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): QuidelOrtho's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 0.08%, the company showcases efficient use of assets and strong financial health.
Debt Management: QuidelOrtho's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.52.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Scoreboard: 6 Ratings For QuidelOrtho

UBS analyst John Sourbeer downgrades QuidelOrtho (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) from Neutral to Sell and lowers the price target from $70 to $42.

Downgrades

Price Target

UBS Downgrades QuidelOrtho to Sell, Lowers Price Target to $42

QuidelOrtho's Board Of Directors Has Terminated President And Chief Executive Officer, Douglas Bryant And Appointed, On An Interim Basis, Michael Iskra As Chief Executive Officer And Robert Bujarski As President

On February 13, 2024, QuidelOrtho ssued a press release announcing the financial results for its fourth quarter and full year ended December 31, 2023, which included QuidelOrtho&rsquo;s fiscal year 2024 financial guidance.&nbsp;QuidelOrtho is furnishing Current Report on Form 8-K&nbsp;to make a correction to its 2024 Guidance to widen the range for adjusted diluted EPS to align with 2024 Guidance for adjusted EBITDA, for which the mid-point of the adjusted diluted EPS range remains unchanged.

Guidance

QuidelOrtho Makes Correction To 2024 Guidance To Widen Range For Adj EPS To Align With Adj EBITDA Guidance; Now Sees Adj EPS Of $1.88-$3.60 Vs . February 13 Outlook Of $2.40-$3.07 (Est $3.74)

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining around 100 points on Wednesday.
The Dow traded up 0.11% to 38,313.27 while the NASDAQ rose 0.70% to 15,765.18. The S&amp;P 500 also rose, gaining, 0.49% to 4,977.43.
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&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Industrials shares rose by 1.1% on Wednesday.
In trading on Wednesday, consumer staples shares fell by 0.6%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
Crude oil inventories in the U.S. surged by 12.018 million barrels in the week ending Feb. 9, compared to market estimates of a 2.56 million rise.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
enGene Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/engn#NASDAQ">ENGN</a>) shares shot up 83% to $13.95. The company&rsquo;s CEO Jason Hanson is resigning due to personal family and health reasons, though he will continue to support the company as a strategic advisor after a successor is appointed. Concurrently, enGene announced a private placement of 20 million common shares at $10.00 per share, representing a 31% premium over the previous day&rsquo;s closing price.
Shares of Lyft, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) got a boost, surging 33% to $16.10 after the company reported fourth-quarter sales of $1.22 billion and gross bookings of $3.7 billion, up 17% year-over-year. The company&rsquo;s CFO, Erin Brewer, said the adjusted EBITDA margin is projected to expand 50 basis points in 2024.
Healthcare Services Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hcsg#NASDAQ">HCSG</a>) shares were also up, gaining 26% to $11.91 following upbeat earnings.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Azitra, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aztr#NYSE">AZTR</a>) shares dropped 71% to $0.2540. Azitra priced its $5 million public offering of 16.667 million common shares at $0.30 per share.
Shares of QuidelOrtho Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qdel#NASDAQ">QDEL</a>) were down 29% to $47.17 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 adjusted EPS below estimates.
Ohmyhome Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/omh#NASDAQ">OMH</a>) was down, falling 38% to $1.40 after the company priced its upsized $4.8 million public offering of 3,555,555 ordinary shares at $1.35 per share.
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&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded down 1.2% to $76.95 while gold traded down 0.2% at $2,004.20.
Silver traded up 1.2% to $22.425 on Wednesday while copper fell 0.3% to $3.6985.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares closed mostly higher today. The eurozone&rsquo;s STOXX 600 gained 0.50%, London&rsquo;s FTSE 100 rose 0.75% while Spain&rsquo;s IBEX 35 Index fell 0.09% The German DAX rose 0.38% French CAC 40 rose 0.68% while Italy&rsquo;s FTSE MIB Index rose 0.63%.
The Eurozone economy stagnated in the final quarter of 2023, compared to a 0.1% decline in the prior three-month period. Industrial production in the Eurozone increased by 2.6% month-over-month in December.
The UK&rsquo;s inflation rate came in unchanged at 4.0% in January, compared to market estimates of 4.2%. Factory gate prices of goods produced by UK manufacturers fell 0.6% year-over-year in January following a 0.1% increase in December.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.69%, Hong Kong&rsquo;s Hang Seng Index gaining 0.84% and India&rsquo;s S&amp;P BSE Sensex gaining around 0.5%.
India&rsquo;s wholesale prices increased by 0.27% year-over-year in January, compared to 0.73% in December.
&nbsp;
<h3>Economics</h3>
&nbsp;
U.S. mortgage applications declined by 2.3% in the week ending Feb. 9, compared to a 3.7% increase in the prior week.
Crude oil inventories in the U.S. surged by 12.018 million barrels in the week ending Feb. 9, compared to market estimates of a 2.56 million rise.
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The U.S. stock market attempted a rebound following Tuesday&#8217;s declines, which were sparked by a higher-than-expected inflation report in January, as investors <a href="https://www.benzinga.com/calendars/earnings">refocused on corporate earnings.</a>
More than two-thirds of S&amp;P 500 companies reported thus far, with 75% of them exceeding earnings-per-share expectations and 65% reporting positive revenue, according to Factset data.
Wednesday&#8217;s recovery impacted nine out of eleven S&amp;P 500 sectors, with energy and consumer staples lagging behind. 
The S&amp;P 500 was up 0.4% as of noon trading in New York, while the tech-heavy Nasdaq 100 surged by 0.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied by 1.7% after experiencing a 4% drop on Tuesday.
Treasury yields were lower across all maturities amid dovish Fed remarks. The 10-year yield dropped 7 basis points to 4.25% after Chicago Fed President Austan Goolsbee stated that even if inflation comes in a bit higher over next few months, it would still be consistent with the path back to the 2% target. 
Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to dominate headlines, as the largest cryptocurrency surpassed a $1 trillion market value, with its price climbing above $51,000.
In the commodities market, U.S. natural gas prices declined for the eighth consecutive day amid milder weather forecasts and elevated stocks, reaching lows last observed in July 2020.
<h2 class="wp-block-heading">Wednesday's Performance In Major Indices, ETFs</h2>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices &amp; ETFs</td>
<td>Price</td>
<td>1-Day %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,995.83</td>
<td>1.7%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,681.96</td>
<td>0.5%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>4,971.29</td>
<td>0.4%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,273.13</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was 0.4% higher to $495.55, the SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) held steady at $382.73 and the tech-heavy Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.5% to $430.34, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. 
The Industrials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>), outperformed, up 1.1%, while the Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) was the laggard, down 0.6%. 
Industry-wise, solar stocks, as tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>), rallied by 3.5%, after dropping nearly 6% on Tuesday. 
<h2 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h2>
<ul>
<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) surged 11% on stronger-than-expected results last quarter, claiming the top performance for the day among S&amp;P 500 stocks. </li>
<li>Akamai Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) fell 9% as revenue missed the Street&#8217;s forecasts. The company was Wednesday&#8217;s worst performer within the S&amp;P 500. </li>
<li>Other companies reacting to earnings were MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), down 8%, IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IQV#NYSE">IQV</a>), up 10.5%, Charler River Laboratories International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>), up 9.2%, The Kraft Heinz Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NYSE">KHC</a>), down 5.9%, Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WELL#NYSE">WELL</a>), up 7%, Airbnb Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NYSE">ABNB</a>), down 2.7%, Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), up 33%, QuidelOrtho Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>), down 30%. </li>
<li>Crypto-related stocks such as Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) and Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) rallied, 13%, 10% and 9% respectively. </li>
</ul>
Read now: &#8216;<a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37128741/its-not-that-decentralized-sec-chair-gary-gensler-hesitant-on-bitcoin-calls-it-just-an-acc">It&#8217;s Not That Decentralized&#8217;: SEC Chair Gary Gensler Hesitant On Bitcoin, Calls It &#8216;Just An Accounting Ledger&#8217;</a>
Photo: Shutterstock

Equities

Large Cap

Macro Economic Events

Mid Cap

Sector ETFs

Bonds

Broad U.S. Equity ETFs

Treasuries

Econ #s

Economics

Federal Reserve

Tech

ETFs

$BTC

ABNB

AKAM

COIN

SPDR Dow Jones Industrial Average ETF Trust

Market Vectors ETF Trust Market Vectors Gold Miners

MARA

RIOT

UBER

WELL

XLRE

Stocks Rebound As Investor Focus Shifts To Earnings, Bitcoin Tops $1 Trillion Value: What's Driving Markets Wednesday?

Shares of Sony Group Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sony#NYSE">SONY</a>) fell during Wednesday&rsquo;s session after the company reported third-quarter financial results and revised guidance above estimates and shared plans to list its financial arm in October 2025.
Sony Group reported third-quarter FY23 sales growth of 22% year-on-year to $25.34 billion (&yen;3.75 trillion), beating the consensus of $24.62 billion. Adjusted EPS of $1.99 beat the consensus of $1.65.
Sony revised its FY23 sales outlook to $86.62 billion (&yen;12.4 trillion), down from a prior forecast of &yen;12.3 trillion versus the consensus of $87.32 billion.
Sony Group shares fell 6.3% to $89.86 on Wednesday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Datasea Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dtss#NASDAQ">DTSS</a>) shares jumped 1,173% to $18.59. On Tuesday, Datasea posted a narrower second-quarter loss.</li>
<li>Earlyworks Co., Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elws#NASDAQ">ELWS</a>) surged 416% to $2.35 on two passive stakes.</li>
<li>enGene Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/engn#NASDAQ">ENGN</a>) jumped 95.5% to $14.90. The company&rsquo;s CEO Jason Hanson is resigning due to personal family and health reasons, though he will continue to support the company as a strategic advisor after a successor is appointed. Concurrently, enGene announced a private placement of 20 million common shares at $10.00 per share, representing a 31% premium over the previous day&rsquo;s closing price.</li>
<li>Cineverse Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cnvs#NASDAQ">CNVS</a>) surged 92.9% to $2.9899. Cineverse announced forthcoming launch of AI-powered movie search platform cineSearch.</li>
<li>Cheche Group Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ccg#NASDAQ">CCG</a>) gained 74.3% to $5.49.</li>
<li>MGO Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgol#NASDAQ">MGOL</a>) rose 66% to $0.6647.</li>
<li>Cogent Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cogt#NASDAQ">COGT</a>) surged 62.7% to $8.89.</li>
<li>Inspira Technologies Oxy B.H.N. Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iinn#NASDAQ">IINN</a>) gained 35% to $1.29 after the company announced it received the first ever U.S. Patent approval for an orbiting blood oxygenation delivery system, a core technology of the INSPIRA ART500 device.</li>
<li>Lyft, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) shares gained 34.3% to $16.29 after the company reported fourth-quarter sales of $1.22 billion and gross bookings of $3.7 billion, up 17% year-over-year. The company&rsquo;s CFO, Erin Brewer, said the adjusted EBITDA margin is projected to expand 50 basis points in 2024.</li>
<li>Healthcare Services Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hcsg#NASDAQ">HCSG</a>) gained 25.7% to $11.90 following upbeat earnings.</li>
<li>Blink Charging Co. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blnk#NASDAQ">BLNK</a>) gained 24.2% to $3.3288. Blink Charging announced preliminary fourth-quarter revenue excess of $42 million.</li>
<li>Larimar Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lrmr#NASDAQ">LRMR</a>) rose 23.9% to $10.83. Larimar Therapeutics has priced the public offering of 17.16 million shares at $8.74 per share for gross proceeds of approximately $150 million.</li>
<li>Clene Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clnn#NASDAQ">CLNN</a>) gained 22.9% to $0.52.</li>
<li>Angi Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/angi#NASDAQ">ANGI</a>) gained 22.2% to $2.97 following upbeat earnings.</li>
<li>Iris Energy Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iren#NASDAQ">IREN</a>) shares rose 20.5% to $8.35.</li>
<li>CEVA, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ceva#NASDAQ">CEVA</a>) gained 18.5% to $23.92 following upbeat earnings.</li>
<li>Great Lakes Dredge &amp; Dock Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gldd#NASDAQ">GLDD</a>) gained 17.1% to $9.47 following quarterly results.</li>
<li>Resideo Technologies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rezi#NYSE">REZI</a>) rose 16.7% to $19.94 after the company reported better-than-expected quarterly financial results.</li>
<li>Kratos Defense &amp; Security Solutions, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ktos#NASDAQ">KTOS</a>) jumped 15.7% to $20.59 following better-than-expected quarterly results.</li>
<li>Robinhood Markets, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hood#NASDAQ">HOOD</a>) shares gained 14.7% to $13.58 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>United Fire Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ufcs#NASDAQ">UFCS</a>) rose 13.5% to $24.32 following upbeat results.</li>
<li>Allison Transmission Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/alsn#NASDAQ">ALSN</a>) gained 13% to $69.53 after the company reported better-than-expected quarterly financial results.</li>
<li>MRC Global Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrc#NYSE">MRC</a>) rose 12.1% to $11.64 following upbeat earnings.</li>
<li>Coinbase Global, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coin#NASDAQ">COIN</a>) gained 11.5% to $156.50 amid strength in Bitcoin.</li>
<li>CCSC Technology International Holdings Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cctg#NASDAQ">CCTG</a>) shares rose 10.2% to $3.56 after dipping around 10% on Tuesday.</li>
<li>Tower Semiconductor Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsem#NASDAQ">TSEM</a>) gained 8.5% to $31.07 following strong results.</li>
<li>Sentage Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sntg#NASDAQ">SNTG</a>) shares jumped 8.4% to $2.46.</li>
<li>Charles River Laboratories International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crl#NYSE">CRL</a>) gained 7.2% to $236.00 after the company reported better-than-expected fourth-quarter results and issued guidance above estimates.</li>
<li>VBI Vaccines Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vbiv#NASDAQ">VBIV</a>) shares surged 5.2% to $0.6941. Brii Biosciences agreed to acquire VBI&#39;s IP rights in BRII-179 (VBI-2601) and plans to initiate technology transfer to expand clinical and commercial supplies.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Azitra, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aztr#NYSE">AZTR</a>) shares fell 69.5% to $0.2653. Azitra priced its $5 million public offering of 16.667 million common shares at $0.30 per share.</li>
<li>Ohmyhome Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/omh#NASDAQ">OMH</a>) fell 40.7% to $1.3397 after the company priced its upsized $4.8 million public offering of 3,555,555 ordinary shares at $1.35 per share.</li>
<li>QuidelOrtho Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qdel#NASDAQ">QDEL</a>) fell 34.9% to $43.49 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 adjusted EPS below estimates.</li>
<li>BioNexus Gene Lab Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bglc#NASDAQ">BGLC</a>) shares fell 34.4% to $1.03 after jumping 282% on Tuesday.</li>
<li>Sunworks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sunw#NASDAQ">SUNW</a>) fell 34.3% to $0.0662.</li>
<li>Enviva Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eva#NYSE">EVA</a>) fell 33.2% to $0.2977. Enviva is preparing to file for bankruptcy within days, the Wall Street Journal reported.</li>
<li>EpicQuest Education Group International Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eeiq#NASDAQ">EEIQ</a>) fell 27.5% to $1.16.</li>
<li>Nukkleus Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nukk#NASDAQ">NUKK</a>) shares declined 21.6% to $1.5338 after surging over 55% on Tuesday. Goldman Sachs reported a 7.2% passive stake in Nukkleus as of Dec. 29, 2023.</li>
<li>Upstart Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upst#NASDAQ">UPST</a>) fell 20.5% to $26.19 after the company issued first-quarter revenue guidance below estimates.</li>
<li>Esports Entertainment Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gmbl#NASDAQ">GMBL</a>) shares fell 20% to $1.48. Esports Entertainment Group announced voluntary delisting from the Nasdaq and transfer to the OTCQB Venture Market.</li>
<li>Qurate Retail, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qrteb#NASDAQ">QRTEB</a>) declined 18.4% to $4.69.</li>
<li>CAE Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cae#NYSE">CAE</a>) fell 12.2% to $18.36 after the company reported worse-than-expected quarterly financial results.</li>
<li>The Chemours Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cc#NYSE">CC</a>) dipped 10.5% to $27.29.</li>
<li>Vroom, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vrm#NASDAQ">VRM</a>) fell 10.5% to $13.71.</li>
<li>Maplebear Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cart#NASDAQ">CART</a>) fell 7.8% to $25.67 following quarterly results.</li>
<li>MGM Resorts International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mgm#NYSE">MGM</a>) shares declined 7.4% to $42.29 after the company reported fourth-quarter financial results.</li>
<li>Akamai Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/akam#NASDAQ">AKAM</a>) fell 7.3% to $115.89 after the company reported mixed quarterly financial results.</li>
<li>The Kraft Heinz Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/khc#NASDAQ">KHC</a>) declined 5.5% to $34.13 after the company reported mixed quarterly financial results.</li>
<li>Airbnb, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/abnb#NASDAQ">ABNB</a>) shares declined 5% to $143.25 after the company reported fourth-quarter financial results.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37126344/bitcoin-surpasses-51-000-stacks-emerges-as-top-gainer"> Bitcoin Surpasses $51,000; Stacks Emerges As Top Gainer</a>

ALSN

ANGI

BGLC

BLNK

CART

CCTG

CEVA

CLNN

CNVS

COGT

DTSS

EEIQ

ELWS

GLDD

GMBL

HOOD

Inspira Technologies Oxy BHN Ltd Ordinary Shares

IINN

IREN

KTOS

Larimar Therapeutics, Inc. - Common Stock

LRMR

MGOL

NUKK

QRTEB

REZI

SNTG

Sony Group Corporation American Depositary Shares

SONY

SUNW

TSEM

UFCS

UPST

VBIV

Why Sony Shares Are Trading Lower By Around 6%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

QuidelOrtho Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qdel#NASDAQ">QDEL</a>) posted weaker-than-expected results for its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37133198/why-is-diagnostic-maker-quidelortho-stock-crashing-wednesday">fourth quarter on Tuesday</a>.
The company reported fourth-quarter 2023 adjusted EPS of $1.17, missing the consensus of $2.05. The company reported sales of $742.60 million, missing the consensus estimate of $796.91 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
QuidelOrtho expects fiscal year 2024 revenues of $2.76 billion-$3.07 billion versus the consensus of $2.948 billion, including non-respiratory revenue of $2.30 billion-$2.34 billion and respiratory revenue of $460 million &ndash; $730 million. The company expects adjusted EPS of $2.40-$3.07 compared to the consensus of $5.07, with adjusted EBITDA guidance of $565 million- $720 million.
&quot;In our first full year operating as a combined company, we successfully laid the foundation for building a broader-based diagnostics company poised for future growth. We are encouraged by the growth in our non-respiratory business, the market share gains we are seeing in our respiratory portfolios, and the U.S. launch of our Savanna molecular platform. Our competitive positions are strong across the globe, and we believe our pipeline of innovative new products and menu expansions will continue to strengthen pull-through across our growing installed base,&quot; said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho.
QuidelOrtho shares fell 29.3% to trade at $47.19 on Wednesday.
These analysts made changes to their price targets on QuidelOrtho after the company reported quarterly results.
<ul>
<li>Raymond James cut the price target on QuidelOrtho from $100 to $76. Raymond James analyst Andrew Cooper downgraded the stock from Strong Buy to Outperform.</li>
<li>RBC Capital slashed the price target on QuidelOrtho from $130 to $81. RBC Capital analyst Conor McNamara maintained an Outperform rating.</li>
<li>Craig-Hallum analyst Alexander Nowak downgraded QuidelOrtho from Buy to Hold.</li>
<li>William Blair analyst Andrew Brackmann downgraded QuidelOrtho from Outperform to Market Perform.</li>
</ul>
&nbsp;
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QuidelOrtho Analysts Cut Their Forecasts After Downbeat Results

Tuesday,&nbsp;QuidelOrtho Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) reported fourth-quarter 2023 adjusted EPS of $1.17, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $2.05</a>.&nbsp;
Adjusted EBITDA margin for the fourth quarter of 2023 was 26%,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/b37105774/quidelortho-reports-fourth-quarter-and-full-year-2023-financial-results" rel="noreferrer noopener">compared to 28% a year ago</a>.&nbsp;
The year-over-year change in adjusted diluted EPS and EBITDA was primarily related to the decline in COVID-19 revenue compared to the prior year period.
The company reported sales of $742.60 million, missing the consensus estimate of $796.91 million.
Non-respiratory revenue&nbsp;<a target="_blank" href="https://s201.q4cdn.com/442754795/files/doc_financials/2023/q4/QuidelOrtho_-Q4-FY23-Earnings-Presentation_021324_vfinal.pdf" rel="noreferrer noopener">increased</a>&nbsp;by 9%, driven by lab strength in clinical chemistry and immunoassay. Excluding respiratory, Labs grew 13% in constant currency.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/11/35827636/diagnostics-firm-quidelortho-contemplates-selling-transfusion-medicine-arm-valued-up-to-2b-repor" rel="noreferrer noopener">Diagnostics Firm QuidelOrtho Contemplates Selling Transfusion Medicine Arm Valued Up To $2B: Report</a>.
Respiratory revenue decreased by 49% as reported and in constant currency due to lower COVID-19 and flu markets compared.
Guidance:&nbsp;QuidelOrtho expects fiscal year 2024 revenues of $2.76 billion-$3.07 billion versus the consensus of $2.948 billion, including non-respiratory revenue of $2.30 billion-$2.34 billion and respiratory revenue of $460 million &#8211; $730 million.
The company expects adjusted EPS of $2.40-$3.07 compared to the consensus of $5.07, with adjusted EBITDA guidance of $565 million- $720 million.
William Blair&nbsp;downgraded QuidelOrtho to&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/QDEL/analyst-ratings" rel="noreferrer noopener">Market Perform rating from Outperform</a>.
The analyst writes that respiratory revenue issues were identified as contributing to headaches in the context of financial outlook. The total sales projection ranged from $2.76 billion to $3.07 billion. Respiratory revenue was expected to be between $460 million and $730 million, showing a wide range of $270 million.&nbsp;
Non-respiratory growth aligned with consensus, excluding factors related to the U.S. donor screening wind-down and third-party collaboration settlements.
Management acknowledged that previous assumptions about respiratory performance were overly optimistic.&nbsp;
The revised outlook aimed to address this, but challenges persisted, especially with over $200 million in standalone COVID-related expenses.&nbsp;
Lower expectations for respiratory sales affected profits, causing a significant 300-basis-point headwind to AEBITDA margin due to the impact on higher-margin products.
Price Action:&nbsp;QDEL shares are down 28.60% at $47.68 on the last check Wednesday.

Why Is Diagnostic Maker QuidelOrtho Stock Crashing Wednesday?

<h3>Gainers</h3>
<ul>
<li>Cogent Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COGT#NASDAQ">COGT</a>) stock increased by 64.0% to $8.96 during Wednesday's regular session. The company's market cap stands at $771.2 million. </li>
<li>Larimar Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRMR#NASDAQ">LRMR</a>) shares increased by 45.53% to $12.72. The company's market cap stands at $558.4 million. </li>
<li>BioXcel Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTAI#NASDAQ">BTAI</a>) stock rose 35.2% to $3.33. The company's market cap stands at $101.0 million. </li>
<li>Greenwich LifeSciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLSI#NASDAQ">GLSI</a>) stock moved upwards by 31.26% to $10.91. The company's market cap stands at $140.1 million. </li>
<li>Electromed (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/ELMD#AMEX">ELMD</a>) stock rose 22.61% to $12.43. The market value of their outstanding shares is at $106.6 million. As per the news, the Q2 earnings report came out yesterday. </li>
<li>Puma Biotechnology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PBYI#NASDAQ">PBYI</a>) shares moved upwards by 18.76% to $7.38. The market value of their outstanding shares is at $350.8 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Anitra (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/AZTR#AMEX">AZTR</a>) stock declined by 71.3% to $0.25 during Wednesday's regular session. The market value of their outstanding shares is at $3.0 million. </li>
<li>QuidelOrtho (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) stock fell 29.1% to $47.34. The company's market cap stands at $3.1 billion. As per the news, the Q4 earnings report came out yesterday. </li>
<li>NeuroOne Medical Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMTC#NASDAQ">NMTC</a>) shares decreased by 16.35% to $1.18. The company's market cap stands at $30.5 million. As per the press release, Q1 earnings came out yesterday. </li>
<li>Renalytix (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNLX#NASDAQ">RNLX</a>) shares fell 14.9% to $1.2. The company's market cap stands at $59.9 million. </li>
<li>Sientra (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIEN#NASDAQ">SIEN</a>) shares declined by 14.22% to $0.17. The company's market cap stands at $2.0 million. </li>
<li>Sunshine Biopharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBFM#NASDAQ">SBFM</a>) shares declined by 12.51% to $0.06. The company's market cap stands at $1.6 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

BTAI

ELMD

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PBYI

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SIEN

12 Health Care Stocks Moving In Wednesday's Intraday Session

Craig-Hallum analyst Alexander Nowak downgrades QuidelOrtho (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) from Buy to Hold.

Craig-Hallum Downgrades QuidelOrtho to Hold

U.S. stocks traded mixed midway through trading, with the Dow Jones falling more than 50 points on Wednesday.
The Dow traded down 0.20% to 38,194.62 while the NASDAQ rose 0.19% to 15,686.43. The S&amp;P 500 also rose, gaining, 0.11% to 4,958.84.
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&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Industrials shares rose by 1% on Wednesday.
In trading on Wednesday, energy shares fell by 0.2%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
Louisiana-Pacific Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lpx#NYSE">LPX</a>) reported better-than-expected results for its fourth quarter.
Louisiana-Pacific reported a fourth-quarter fiscal 2023 net sales decline of 6.7% year-over-year to $658 million, beating the consensus of $619.97 million. Adjusted EPS was 71 cents, up from 61 cents YoY, beating the consensus of 55 cents
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
enGene Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/engn#NASDAQ">ENGN</a>) shares shot up 75% to $13.34. The company&rsquo;s CEO Jason Hanson is resigning due to personal family and health reasons, though he will continue to support the company as a strategic advisor after a successor is appointed. Concurrently, enGene announced a private placement of 20 million common shares at $10.00 per share, representing a 31% premium over the previous day&rsquo;s closing price.
Shares of Lyft, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyft#NASDAQ">LYFT</a>) got a boost, surging 34% to $16.22 after the company reported fourth-quarter sales of $1.22 billion and gross bookings of $3.7 billion, up 17% year-over-year. The company&rsquo;s CFO, Erin Brewer, said the adjusted EBITDA margin is projected to expand 50 basis points in 2024.
Healthcare Services Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hcsg#NASDAQ">HCSG</a>) shares were also up, gaining 27% to $12.01 following upbeat earnings.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Azitra, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aztr#NYSE">AZTR</a>) shares dropped 70% to $0.2626. Azitra priced its $5 million public offering of 16.667 million common shares at $0.30 per share.
Shares of QuidelOrtho Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qdel#NASDAQ">QDEL</a>) were down 33% to $44.92 after the company reported worse-than-expected fourth-quarter financial results and issued FY24 adjusted EPS below estimates.
Ohmyhome Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/omh#NASDAQ">OMH</a>) was down, falling 39% to $1.38 after the company priced its upsized $4.8 million public offering of 3,555,555 ordinary shares at $1.35 per share.
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&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded down 0.6% to $77.38 while gold traded down 0.5% at $1,998.20.
Silver traded up 0.2% to $22.19 on Wednesday while copper fell 0.2% to $3.7040.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares were higher today. The eurozone&rsquo;s STOXX 600 gained 0.52%, London&rsquo;s FTSE 100 rose 0.69% while Spain&rsquo;s IBEX 35 Index rose 0.01% The German DAX rose 0.41% French CAC 40 rose 0.70% while Italy&rsquo;s FTSE MIB Index rose 0.64%.
The Eurozone economy stagnated in the final quarter of 2023, compared to a 0.1% decline in the prior three-month period. Industrial production in the Eurozone increased by 2.6% month-over-month in December.
The UK&rsquo;s inflation rate came in unchanged at 4.0% in January, compared to market estimates of 4.2%. Factory gate prices of goods produced by UK manufacturers fell 0.6% year-over-year in January following a 0.1% increase in December.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.69%, Hong Kong&rsquo;s Hang Seng Index gaining 0.84% and India&rsquo;s S&amp;P BSE Sensex gaining around 0.5%.
India&rsquo;s wholesale prices increased by 0.27% year-over-year in January, compared to 0.73% in December.
&nbsp;
<h3>Economics</h3>
&nbsp;
U.S. mortgage applications declined by 2.3% in the week ending Feb. 9, compared to a 3.7% increase in the prior week.
Crude oil inventories in the U.S. surged by 12.018 million barrels in the week ending Feb. 9, compared to market estimates of a 2.56 million rise.
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&nbsp;

Crude Oil Moves Lower; Louisiana-Pacific Posts Upbeat Earnings

RBC Capital analyst Conor McNamara maintains QuidelOrtho (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) with a Outperform and lowers the price target from $130 to $81.

RBC Capital Maintains Outperform on QuidelOrtho, Lowers Price Target to $81

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