Stock Buyback Program Initiated by OraSure Technologies (NASDAQ:OSUR) Board of Directors

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

OraSure Technologies Price Performance

OraSure Technologies stock opened at $3.66 on Tuesday. The firm’s 50-day moving average is $3.71 and its two-hundred day moving average is $3.90. The stock has a market capitalization of $273.77 million, a P/E ratio of 24.40 and a beta of -0.02. OraSure Technologies has a 12-month low of $2.69 and a 12-month high of $6.38.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other OraSure Technologies news, CEO Manner Carrie Eglinton purchased 78,625 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $3.15 per share, for a total transaction of $247,668.75. Following the acquisition, the chief executive officer now directly owns 1,259,664 shares of the company’s stock, valued at $3,967,941.60. This represents a 6.66 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Kenneth J. Mcgrath acquired 64,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $3.15 per share, with a total value of $201,600.00. Following the purchase, the chief financial officer now owns 371,013 shares in the company, valued at approximately $1,168,690.95. The trade was a 20.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 190,284 shares of company stock worth $600,348. 3.40% of the stock is owned by 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.