Medical Equipment Stock Surges on Buyout Buzz

Evercore ISI slashed its rating to "in line" after the news

Deputy Editor
Dec 23, 2021 at 10:28 AM
facebook twitter linkedin


The shares of Ortho Clinical Diagnostics Holdings PLC (NASDAQ:OCDX) are up 8.1% to trade at $21.45 last check, after news that Quidel (QDEL) will acquire the company for roughly $6 billion in a cash-and-stock deal -- expanding its portfolio of diagnostic products. In response, Evercore ISI downgraded OCDX to "in line" from "outperform," with a price-target cut to $24.68 from $30. 

On the charts, today's pop has OCDX sitting above the $21 level, an area that has kept a lid on the shares' breakouts for the last few months. Before today's positive price action, the stock had been on the rise after bouncing off the $18 level. Since the start of the quarter, the equity has tacked on 15.3%. 

The majority of the brokerage bunch is still bullish on Ortho Clinical Diagnostics stock. Ahead of today's bear note, all eight analysts in coverage carried a "buy" or better rating. Plus, the 12-month consensus price target of $27.96 is a 31.1% premium to current levels. 

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners