Canaccord said the decline in Alere (ALR) shares yesterday following a news report that the company was the subject of an investigation with regard to Medicare and Medicaid billing was an overreaction. The company acknowledged receipt of the inquiry and said they are fully cooperating and said the revenues generated from both areas was less than 1% of their overall revenues. Canaccord believes the article misreported that the subpoena was related to all of the company's toxicology business. Since it is not, their view and thesis remains unchanged. Canaccord reiterated its Buy rating and $56 price target on Alere shares.