OraSure (OSUR) Target Raised at Canaccord Genuity After Confirming Ebola Test
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Canaccord Genuity analyst Mark Massaro boosted his price target on Buy-rated OraSure Technologies (NASDAQ: OSUR) to $12.00 (from $11.00) on a report the company has visited with FDA this week to discuss feasibility to develop an Ebola test.
Massaro "We spoke with OSUR management, who confirmed they are seeking to develop a test. We believe OSUR has multiple shots on goal. We raise our Street-high price target to $12, based on a modest increase in multiple expansion (to 5.5x from 5.0x) on our unchanged ‘15 rev. estimate."
The analyst added, "OSUR has confirmed it has engaged in talks with private sector entities and federal agencies (we suspect FDA and CDC to name two) and have been working to develop an Ebola test for ~3 weeks. We believe OSUR’s rapid HIV and HCV oral-fluid tests are unique assets, and we’re not surprised that OSUR’s platform technology has the potential ability to help curb the Ebola outbreak."
Shares of OraSure Technologies closed at $8.34 yesterday.
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