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

OraSure Technologies (NASDAQ:OSUR - Get Free Report) declared that its board has approved a stock repurchase program on Monday, March 24th, RTT News reports. The company plans to buyback $40.00 million in shares. This buyback authorization permits the medical instruments supplier to repurchase up to 15.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

OraSure Technologies Stock Down 2.4 %

OSUR traded down $0.09 during trading hours on Friday, reaching $3.41. 117,659 shares of the company's stock traded hands, compared to its average volume of 862,939. The firm has a 50-day moving average price of $3.70 and a 200 day moving average price of $3.89. OraSure Technologies has a 52-week low of $2.69 and a 52-week high of $6.35. The firm has a market capitalization of $254.69 million, a PE ratio of 22.70 and a beta of -0.02.

Analyst Ratings Changes

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

Insider Transactions at OraSure Technologies

In other news, CFO Kenneth J. Mcgrath bought 64,000 shares of the firm's 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 $201,600.00. Following the transaction, the chief financial officer now directly owns 371,013 shares in the company, valued at approximately $1,168,690.95. This trade represents a 20.85 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Kenny bought 47,659 shares of the 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 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 disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 190,284 shares of company stock worth $600,348. Insiders own 3.40% of the company's stock.

Remove Ads

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.