OraSure Seems Too Cheap Relative To Infectious Disease Opportunities
Stephen Simpson, CFA
Stephen Simpson, CFA
Fri, Jul. 1, 7:07 AM
- Micro cap OraSure Technologies (NASDAQ:OSUR) fell 16% yesterday on more than 8x normal volume as informed investors ran for the exits before today's announcement that AbbVie (NYSE:ABBV) has backed out of its co-promotion agreement regarding OraSure's OraQuick HCV Rapid Antibody Test. The deal will now end on December 31 of this year instead of December 31, 2019.
- OraSure was supposed to receive up to $75M in exclusivity payments from AbbVie over the term of the partnership. It has been ratably recognizing the payments since the deal was inked in June 2014 and will book $5.4M for the remainder of this year.
- When the agreement ends, AbbVie will have no further obligations to co-promote the test or any other obligations to OraSure.
- OraSure will host a conference call this morning at 8:30 am ET to discuss the situation. Shares are down 11% premarket this morning.
- SA Contributor Richard Pearson nailed the call: Expect OraSure To Drop 35% (Or More) Next Week
Thu, Jun. 30, 12:46 PM
Thu, Jun. 30, 11:00 AM
Fri, Jun. 17, 7:06 AM
- Hill Rom Holdings (NYSE:HRC) upgraded to Overweight from Equal Weight by Morgan Stanley. Price target raised to $62 (20% upside) from $54.
- Arbutus Biopharma (NASDAQ:ABUS) upgraded to Neutral from Sell by Chardan. Price target is $3.25 (1% downside risk).
- Achaogen (NASDAQ:AKAO) upgraded to Outperform from Neutral by Wedbush. Price target raised to $10 (111% upside) from $7.
- PRA Health Sciences (NASDAQ:PRAH) upgraded to Overweight from Sector Weight by KeyBanc. Price target is $55 (25% upside).
- Agios Pharmaceuticals (NASDAQ:AGIO) upgraded to Buy from Hold by JPMorgan. Price target raised to $62 (30% upside) from $50.
- Quidel (NASDAQ:QDEL) upgraded to Outperform from Market Perform by Raymond James. Price target is $21.50 (20% upside).
- Aptose Biosciences (NASDAQ:APTO) upgraded to Buy from Neutral by Roth Capital. Price target raised to $8 (186% upside) from $4.
- Endologix (NASDAQ:ELGX) upgraded to Buy from Hold with a $15.50 (23% upside) price target by Canaccord Genuity.
- Endo International (NASDAQ:ENDP) upgraded to Neutral from Underperform by Mizuho Securities. Price target raised to $16 (5% downside risk) from $13.
- United Therapeutics (NASDAQ:UTHR) downgraded to Neutral from Buy by H.C. Wainwright. Price target lowered to $95 (11% downside risk) from $175.
- Infinity Pharmaceuticals (NASDAQ:INFI) downgraded to Equal Weight from Overweight by Morgan Stanley. Price target lowered to $1 (32% downside risk) from $11.
- LDR Holding (NASDAQ:LDRH) downgraded to Market Perform from Outperform by Cowen & Company.
- Marinus Pharmaceuticals (NASDAQ:MRNS) downgraded to Perform from Outperform by Oppenheimer. $17 price target removed. Also downgraded to Sector Perform from Outperform by RBC Capital.
- Mesoblast (NASDAQ:MESO) downgraded to Neutral from Outperform by Credit Suisse. Price target lowered to $5 (21% upside) from $10.
- Revance Therapeutics (NASDAQ:RVNC) downgraded to Hold from Buy by Brean Capital. Price target removed.
- OraSure (NASDAQ:OSUR) downgraded to Market Perform from Outperform by Raymond James. Price target is $8 (15% upside).
Mon, Jun. 13, 10:12 AM
Wed, May 4, 4:36 PM
Tue, May 3, 5:35 PM
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Fri, Apr. 15, 10:47 AM
Thu, Feb. 4, 11:15 AM
- OraSure Technologies (OSUR +21.3%) Q4 results: Revenues: $32.4M (+12.9%); R&D Expense: $2.7M (-28.9%); SG&A: $15.1M (-9.6%); Operating Income: $4.1M (+257.7%); Net Income: $4.6M (+270.4%); EPS: $0.08 (+260.0%).
- FY2015 results: Revenues: $119.7M (+12.4%); R&D Expense: $11.7M (-3.3%); SG&A: $60.6M (-6.6%); Operating Income: $8.1M (+268.8%); Net Income: $8.2M (+278.3%); EPS: $0.14 (+275.0%); Quick Assets: $101.3M (+3.5%).
- No guidance given.
Wed, Feb. 3, 4:49 PM
- OraSure Technologies (NASDAQ:OSUR): Q4 EPS of $0.08 beats by $0.05.
- Revenue of $32.4M (+13.0% Y/Y) beats by $2.67M.
Tue, Feb. 2, 5:35 PM
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Wed, Jan. 6, 5:39 PM
Nov. 4, 2015, 4:39 PM
- OraSure Technologies (NASDAQ:OSUR): Q3 EPS of $0.03 beats by $0.04.
- Revenue of $29.9M (+7.4% Y/Y) beats by $0.32M.
Nov. 3, 2015, 5:35 PM
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Sep. 29, 2015, 11:20 AM
- The U.S. Department of Health and Human Services' (HHS) Biomedical Advanced Research Development Authority (BARDA) exercises its option to provide $7.2M in additional funding to OraSure Technologies (OSUR +2.3%) to support the development of its OraQuick Ebola Rapid Antigen Test. The money will be used primarily to fund clinical and regulatory activities leading up to 510(k) clearance of the product. The option is part of the $10.4M contract that was announced in June.
- Separately, the HHS' Centers for Disease Control and Prevention (CDC) will purchase ~$1.5M of OraQuick Ebola for field testing in West Africa. The order should be fulfilled by the end of the year.
- OraQuick Ebola Rapid Antigen Test is designed to detect viral antigens in fingerstick and whole blood samples from patients exhibiting symptoms of Ebola infection. Positive results have been observed in as little as four minutes. Negative results must be read at 30 minutes. The test can be used at ambient temperatures and does not require instrumentation.
Aug. 5, 2015, 4:36 PM
- OraSure Technologies (NASDAQ:OSUR): Q2 EPS of $0.03 beats by $0.02.
- Revenue of $30.39M (+15.1% Y/Y) beats by $1.44M.
OraSure Technologies, Inc. engages in the development, manufacture, marketing and sale of oral fluid diagnostic products and specimen collection devices using its proprietary oral fluid technologies, as well as other diagnostic products. It operates through two segments: OraSure and DNAG.... More
Industry: Medical Instruments & Supplies
Country: United States
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