OraSure Technologies (NASDAQ:OSUR) Earns In-Line Rating from Evercore ISI

OraSure Technologies (NASDAQ:OSUR)‘s stock had its “in-line” rating reissued by analysts at Evercore ISI in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $3.00 price objective on the medical instruments supplier’s stock. Evercore ISI’s price objective suggests a potential upside of 16.96% from the stock’s previous close.

Separately, StockNews.com upgraded shares of OraSure Technologies from a “sell” rating to a “hold” rating in a research report on Saturday.

OraSure Technologies Price Performance

Shares of OraSure Technologies stock traded up $0.14 during trading hours on Monday, reaching $2.57. The company’s stock had a trading volume of 607,289 shares, compared to its average volume of 770,502. The stock has a market cap of $191.86 million, a P/E ratio of 17.10 and a beta of 0.42. The firm has a 50 day moving average price of $3.08 and a 200-day moving average price of $3.56. OraSure Technologies has a one year low of $2.36 and a one year high of $5.08.

OraSure Technologies declared that its board has authorized a stock repurchase plan on Monday, March 24th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the medical instruments supplier to purchase up to 15.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at OraSure Technologies

In related news, CEO Manner Carrie Eglinton acquired 78,625 shares of OraSure Technologies stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $3.15 per share, for a total transaction of $247,668.75. Following the completion of the purchase, the chief executive officer now owns 1,259,664 shares in the company, valued at approximately $3,967,941.60. The trade was a 6.66% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Kenny acquired 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, for a total transaction of $151,079.03. Following the completion of the purchase, the director now owns 70,915 shares of the company’s stock, valued at approximately $224,800.55. This represents a 204.93% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 190,284 shares of company stock worth $600,348 in the last ninety days. 3.90% of the stock is owned by insiders.

Institutional Investors Weigh In On OraSure Technologies

A number of large investors have recently modified their holdings of the company. Empowered Funds LLC increased its position in shares of OraSure Technologies by 7.2% in the 1st quarter. Empowered Funds LLC now owns 405,216 shares of the medical instruments supplier’s stock valued at $1,366,000 after purchasing an additional 27,310 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of OraSure Technologies by 32,595.9% during the first quarter. NewEdge Advisors LLC now owns 47,736 shares of the medical instruments supplier’s stock worth $161,000 after purchasing an additional 47,590 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of OraSure Technologies by 39.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 1,290,554 shares of the medical instruments supplier’s stock worth $4,349,000 after purchasing an additional 363,946 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of OraSure Technologies by 32.9% during the first quarter. Bridgeway Capital Management LLC now owns 1,635,275 shares of the medical instruments supplier’s stock worth $5,511,000 after purchasing an additional 405,169 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of OraSure Technologies by 48.3% during the first quarter. AQR Capital Management LLC now owns 1,041,875 shares of the medical instruments supplier’s stock worth $3,511,000 after purchasing an additional 339,493 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

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.