Quidel (QDEL) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Quidel (QDEL) closed at $242.73, marking a -1.4% move from the previous day. This change lagged the S&P 500's 0.34% loss on the day. At the same time, the Dow lost 0.5%, and the tech-heavy Nasdaq lost 0.73%.

Coming into today, shares of the medical diagnostics company had gained 18.83% in the past month. In that same time, the Medical sector gained 5.8%, while the S&P 500 gained 5.71%.

QDEL will be looking to display strength as it nears its next earnings release, which is expected to be July 30, 2020. The company is expected to report EPS of $1.12, up 211.11% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $201.40 million, up 86.05% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.05 per share and revenue of $1.01 billion. These totals would mark changes of +171.04% and +89.23%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for QDEL. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.79% higher. QDEL currently has a Zacks Rank of #3 (Hold).

Investors should also note QDEL's current valuation metrics, including its Forward P/E ratio of 30.6. This valuation marks a discount compared to its industry's average Forward P/E of 37.74.

The Medical - Products industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 145, which puts it in the bottom 43% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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