Why Shares of Quidel Surged 10% This Week

Shares of Quidel Corporation (NASDAQ: QDEL) climbed 10% this week as of Thursday's close. Demand for at-home COVID testing is outstripping supply, with the delta variant pushing infections back to levels last seen in January.

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Early last month, Quidel said sales in its fiscal second quarter declined 12% from the year earlier due in part to a drop-off in its COVID testing business. It doesn't appear that will be a problem next quarter as cases in the U.S. have climbed tenfold in the past two months. A company spokesperson said it is working with retailers to keep the company's QuickVue at-home test in stock.

Source Fool.com