BETHLEHEM, Pa. – Shares of OraSure Applied sciences touched a 52-week low Wednesday, two days after the Bethlehem-based firm ended a evaluation of “strategic alternate options” that resulted in no motion.
The maker of medical diagnostic instruments and specimen-collection kits mentioned Jan. 5 that it will search alternate options. In company phrases, a seek for alternate options can imply something from promoting the corporate to attracting funding from a bigger firm or, as in OraSure’s case, it may quantity to nothing.
OraSure introduced Monday that the seek for alternate options was over with none company actions. It additionally introduced the appointment of Carrie Eglinton Method as its subsequent chief govt officer. She has held govt roles at Quest Diagnostics and Basic Electrical Co.
The corporate shares, buying and selling on the NASDAQ market underneath the ticker OSUR, have been at $5.57 when the tip of the seek for alternate options was introduced Monday. OraSure fell 19% Tuesday, and on Wednesday, touched a 52-week low of $4.17.
On the 4 p.m. shut of normal buying and selling, the shares had recovered a bit to $4.33 however have been nonetheless down 18 cents for the day. The excessive for the final 52 weeks for OSUR is $13.57, and the shares are buying and selling at lower than a 3rd of that peak worth.
OraSure traded at $8.54 when the seek for alternate options was introduced. The corporate additionally introduced Jan. 5 that fiscal fourth-quarter income could be on the low finish of its forecast vary due to lower-than-expected gross sales of InteliSwab, a check for COVID-19, and that its CEO would depart the corporate.
The market capitalization of the corporate (variety of shares excellent occasions the present worth) is about $313 million.
OraSure introduced Wednesday that its InteliSwab exams could be distributed to colleges nationwide. That will probably be funded underneath an present contract with the U.S. Protection Logistics Company.
69 Information reached out to OraSure for touch upon its shares, however has not heard again.