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

OraSure Technologies (NASDAQ:OSUR) declared that its Board of Directors has initiated a share repurchase program on Monday, March 24th, RTT News reports. The company plans to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the medical instruments supplier to purchase up to 15.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

OraSure Technologies Stock Performance

OSUR traded up $0.22 during midday trading on Monday, reaching $3.66. 1,499,365 shares of the company were exchanged, compared to its average volume of 865,999. OraSure Technologies has a one year low of $2.69 and a one year high of $6.38. The company’s fifty day moving average price is $3.71 and its 200 day moving average price is $3.91. The company has a market cap of $273.77 million, a price-to-earnings ratio of 24.40 and a beta of -0.02.

Insider Activity at OraSure Technologies

In other news, CEO Manner Carrie Eglinton acquired 78,625 shares of OraSure Technologies stock in a transaction on Thursday, February 27th. The stock was acquired at an average cost of $3.15 per share, with a total value of $247,668.75. Following the transaction, the chief executive officer now owns 1,259,664 shares of the company’s stock, valued at approximately $3,967,941.60. This trade represents a 6.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Kenny acquired 47,659 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was purchased at an average price of $3.17 per share, with a total value of $151,079.03. Following the purchase, the director now owns 70,915 shares in the company, valued at approximately $224,800.55. The trade was a 204.93 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 190,284 shares of company stock valued at $600,348. 3.40% of the stock is owned by insiders.

About OraSure Technologies

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.