OraSure Applied sciences shares proceed to fall, touching new 52-week low of $3.90 on NASDAQ

Shares of OraSure Applied sciences proceed to plumb new depths, touching a 52-week low Wednesday.

The shares traded at $3.90 earlier than closing at $4.00, down 15 cents for the day.

Bethlehem-based OraSure, a maker of diagnostic instruments and specimen-collection units, has been making information this yr whereas its shares preserve dropping.

On Jan. 5, the corporate mentioned it will evaluate “strategic alternate options,” a company time period for in search of a sale, funding or different large step. OraSure additionally mentioned Chief Govt Officer Dr. Stephen Tang would depart the corporate, and that income would fall on the low finish of its forecast. Gross sales of the corporate’s InteliSwab COVID-19 check weren’t assembly expectations.

Shares traded that day at $8.54. OraSure trades on the NASDAQ inventory market below the ticker image OSUR. They’re now buying and selling at lower than half of the Jan. 5 worth and beneath a 3rd of the 52-week excessive of $13.57.

The seek for alternate options was fruitless, the corporate mentioned Might 23, greater than 4 months after the evaluate of OraSure’s choices began.

Chairman of the Board Michael Celano mentioned in an announcement that day that “the board believes one of the best path to create worth is with improved execution and a renewed concentrate on driving worthwhile progress.”

Shares traded that day at $5.57 after the shut of standard buying and selling.

The corporate additionally mentioned Might 23 that Carrie Eglinton Method, a 48-year-old veteran of Quest Diagnostics and Basic Electrical, would take over as CEO on June 4. She is going to succeed Dr. Nancy Gagliano, a board member who stepped in as interim CEO and was not a candidate for the everlasting job. That makes Eglinton Method the third chief government in a bit of over 5 months.

See also  Bethlehem elementary college receives Lighthouse Milestone Achievement Award

Later, Eglinton Method’s pay package deal was disclosed. Her base pay might be $700,000 yearly, and it may simply double or extra with incentives. She can also be eligible for inventory awards and can get free automobile service for commuting to work.

In a Securities and Alternate Fee submitting of Might 26, OraSure famous one other personnel change. Kathleen G. Weber, president of molecular options, has resigned.

The market capitalization of OraSure (shares excellent instances worth), which was near $1 billion in 2018, was $303.8 million on the shut of buying and selling.

Orasure reported 2021 income of $233.7 million, up 36% over the earlier yr. The corporate reported $67.7 million of income within the first quarter, however on an working foundation misplaced $16 million.