Quidel Stock Is Up 130% This Year: Is This Coronavirus Stock Still a Hot Buy?

The coronavirus pandemic's sent many stocks reeling this year as businesses have closed down and had to reduce their operations. But there have also been a select few that have seen their share prices rise as a result of COVID-19. Among those stocks is the diagnostics and testing company, Quidel (NASDAQ: QDEL).

Prior to the pandemic, the stock's growth was minimal, but in just a couple of months its share price has gone from around $90 to more than $170 -- and that's after the stock fell from a peak of $210. Let's take a look at what's behind its rapid ascension and whether the stock's still a good buy today.

On March 17, the U.S. Food and Drug Administration (FDA) gave Quidel emergency use authorization (EUA) for its Lyra SARS-CoV-2 Assay rapid point-of-care test. That was just days after the World Health Organization (WHO) officially declared COVID-19 a pandemic.

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Source Fool.com