OraSure Technologies (NASDAQ:OSUR) to Buyback $40.00 million in Outstanding Stock

OraSure Technologies (NASDAQ:OSUR) announced that its Board of Directors has approved a stock buyback plan on Monday, March 24th, RTT News reports. The company plans to repurchase $40.00 million in shares. This repurchase authorization permits the medical instruments supplier to reacquire up to 15.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of OraSure Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 4th.

OraSure Technologies Price Performance

Shares of OraSure Technologies stock opened at $3.39 on Thursday. The company has a market capitalization of $253.57 million, a P/E ratio of 22.60 and a beta of -0.02. The business has a 50-day moving average of $3.70 and a two-hundred day moving average of $3.89. OraSure Technologies has a 1 year low of $2.69 and a 1 year high of $6.35.

Insider Buying and Selling

In other news, Director John P. Kenny purchased 47,659 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $3.17 per share, for a total transaction of $151,079.03. Following the completion of the acquisition, the director now directly owns 70,915 shares in the company, valued at approximately $224,800.55. This trade represents a 204.93 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kenneth J. Mcgrath acquired 64,000 shares of OraSure Technologies stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $3.15 per share, with a total value of $201,600.00. Following the completion of the transaction, the chief financial officer now directly owns 371,013 shares of the company’s stock, valued at $1,168,690.95. This trade represents a 20.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 190,284 shares of company stock valued at $600,348. 3.40% of the stock is owned by corporate insiders.

OraSure Technologies Company Profile

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.