Market News

Quidel Says its Antigen Tests Detects the Omicron Variant; Shares Rise

Quidel Corporation (NASDAQ: QDEL) revealed that its antigen tests continue to detect COVID-19 variants, including the Omicron variant.

Following the news, shares of the rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems provider gained 1.2% during the extended market session on December 28.

FDA Reveals Results of Radx Laboratory Studies

On December 22, the Food and Drug Administration (FDA) released the data generated in preliminary RADx laboratory studies. According to the data, with heat-inactivated Omicron samples, the QuickVue antigen tests were able to detect the Omicron variant with similar performance to the other variants.

The same laboratory completed additional testing by using the live virus. The current data also suggests that the QuickVue antigen tests were able to detect the live Omicron variant with similar performance as with other variants.

Consequently, Quidel plans to continue to increase the weekly production of COVID-19 antigen tests with an aim to provide affordable COVID-19 testing and meet the diagnostic industry’s requirements.

CEO Comments

Quidel’s CEO Douglas Bryant commented, “At Quidel, we continuously monitor the evolution and activity of COVID-19 variants in circulation, and the Omicron variant is no exception. Recent testing using live South African samples confirmed that our QuickVue® At-Home OTC COVID-19 Test and our Sofia® SARS Antigen FIA are detecting the SARS-CoV-2 Omicron variant.”

Analysts Recommendation

The stock has picked up a rating from one analyst in the past three months. Craig-Hallum analyst Alexander Nowak reiterated a Buy rating with the QDEL stock price projection of $219 (72.5% upside potential).

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 80% Bullish on QDEL stock, compared to a sector average of 69%.

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