Why Quidel Soared by Almost 8% on Monday

Shares of Quidel (NASDAQ: QDEL), a manufacturer of diagnostic products, ended Monday up nearly 8%. As Quidel's fortunes are closely tied to its COVID-19 testing kits, the stock frequently rises or sinks in response to developments in the coronavirus pandemic.

Since the number of both cases and fatalities saw a sharp rise on Monday, the company's stock is seeing renewed investor interest. But that's not the only reason for Quidel's share price surge on the day.

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Source Fool.com