Why Quidel Stock Suddenly Plunged This Afternoon

Shares of Quidel Corporation (NASDAQ: QDEL) suddenly plunged this afternoon, following comments made by CEO Doug Bryant at the Barclays Global Healthcare Conference today. The healthcare company's tests were in high demand amid the COVID-19 pandemic, however Bryant said demand has plunged between 30% and 40% in February and March, as compared with the fourth quarter of 2020. As of 3:50 p.m. EST, Quidel stock was down almost 17%.

Bryant and the rest of the Quidel management team expect $450 million in revenue for the first quarter of 2021 as a worst case scenario. This projection assumes there's no new spikes in coronavirus cases going forward. The outlook also assumes that the current vaccines will remain effective against the newer mutations of the virus.

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Source Fool.com