OraSure Technologies (NASDAQ:OSUR) Cut to Sell at StockNews.com

StockNews.com downgraded shares of OraSure Technologies (NASDAQ:OSUR) from a hold rating to a sell rating in a research report released on Friday.

OraSure Technologies Price Performance

OraSure Technologies stock opened at $2.51 on Friday. The company has a market cap of $194.49 million, a PE ratio of 16.73 and a beta of 0.42. The company has a fifty day moving average price of $3.16 and a two-hundred day moving average price of $3.61. OraSure Technologies has a 12 month low of $2.42 and a 12 month high of $5.55.

OraSure Technologies declared that its board has approved a share repurchase program on Monday, March 24th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 15.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director John P. Kenny purchased 47,659 shares of OraSure Technologies stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $3.17 per share, with a total value of $151,079.03. Following the completion of the acquisition, the director now owns 70,915 shares in the company, valued at $224,800.55. The trade was a 204.93% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kenneth J. Mcgrath purchased 64,000 shares of OraSure Technologies stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $3.15 per share, with a total value of $201,600.00. Following the acquisition, the chief financial officer now owns 371,013 shares of the company’s stock, valued at approximately $1,168,690.95. This trade represents a 20.85% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 190,284 shares of company stock valued at $600,348 over the last 90 days. 3.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On OraSure Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in OraSure Technologies by 5.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 76,932 shares of the medical instruments supplier’s stock worth $278,000 after purchasing an additional 3,828 shares during the period. Invesco Ltd. lifted its holdings in OraSure Technologies by 3.4% in the fourth quarter. Invesco Ltd. now owns 127,526 shares of the medical instruments supplier’s stock worth $460,000 after purchasing an additional 4,240 shares during the period. Significant Wealth Partners LLC lifted its holdings in OraSure Technologies by 20.8% in the first quarter. Significant Wealth Partners LLC now owns 27,067 shares of the medical instruments supplier’s stock worth $91,000 after purchasing an additional 4,656 shares during the period. Tower Research Capital LLC TRC lifted its holdings in OraSure Technologies by 202.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,821 shares of the medical instruments supplier’s stock worth $28,000 after purchasing an additional 5,234 shares during the period. Finally, Legal & General Group Plc lifted its holdings in OraSure Technologies by 32.3% in the fourth quarter. Legal & General Group Plc now owns 23,626 shares of the medical instruments supplier’s stock worth $85,000 after purchasing an additional 5,770 shares during the period. Institutional investors and hedge funds own 93.50% of the company’s stock.

About OraSure Technologies

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.