Share Repurchase Program Approved by OraSure Technologies (NASDAQ:OSUR)

OraSure Technologies (NASDAQ:OSUR) declared 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 permits the medical instruments supplier to reacquire up to 15.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

OraSure Technologies Stock Performance

OSUR stock traded up $0.22 during midday trading on Monday, reaching $3.66. 1,499,365 shares of the company’s stock traded hands, compared to its average volume of 865,999. The firm has a market capitalization of $273.77 million, a PE ratio of 24.40 and a beta of -0.02. The company has a 50-day moving average price of $3.71 and a two-hundred day moving average price of $3.91. OraSure Technologies has a 52 week low of $2.69 and a 52 week high of $6.38.

Wall Street Analyst Weigh In

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

Insider Activity at OraSure Technologies

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