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Fly News Breaks for December 11, 2018
QDEL
Dec 11, 2018 | 07:45 EDT
Canaccord analyst Mark Massaro lowered his price target on Quidel to $70 from $80 and recommends investors buy shares on weakness after a judge from the Superior Court of San Diego ruled in summary judgement that a provision in the Beckman/Quidel deal restricting Beckman's ability to commercialize an alternative BNP or NT-Pro BNP assay was void. In a research note to investors, Massaro says that while Quidel will likely bear an ear-term legal overhang, he views the ~22% plunge in shares since Friday as "overblown," in part since the precedent "Edwards" case that the judge referenced in the Beckman-Quidel case appears "inappropriate"; Quidel is appealing this case; and the time it would take Beckman to realistically compete against Quidel is about 2-5 years.
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