Analyst Keeps Quidel (QDEL) At Buy as CDC Sees Uptick in Influenza

December 3, 2012 11:30 AM EST
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The national baseline for Influenza was 2.2 percent last week, according to data from the CDC. This is one of the earliest times the Influenza rate reached this level during the past four flu seasons, noted analyst Jeffrey Frelick of Canaccord Genuity.

"At this time last year, ILI activity was only 1.56% of total outpatient visits. Flu activity did not reach this high a level last season until week 8, topping out at 2.38%," observed Frelick.

Frelick views this data as positive for the launch of Quidel's (QDEL) new Sofia immunoassay platform.

"While QDEL now derives about 28% of its revenue from flu tests (down from 45% in 2008), we think the new Sofia system is positioned to perform well in 2013," concluded the analyst.

Canaccord Genuity has a Buy rating on Quidel Corp. (NASDAQ: QDEL) with a price target of $25.00.

For an analyst ratings summary and ratings history on Quidel Corp. click here. For more ratings news on Quidel Corp. click here.

Shares of Quidel Corp. closed at $17.53 yesterday.

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