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

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

OraSure Technologies Price Performance

OraSure Technologies stock opened at $3.39 on Thursday. The company’s 50-day moving average is $3.70 and its 200-day moving average is $3.89. The firm has a market capitalization of $253.57 million, a PE ratio of 22.60 and a beta of -0.02. OraSure Technologies has a fifty-two week low of $2.69 and a fifty-two week high of $6.35.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director John P. Kenny acquired 47,659 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were purchased 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kenneth J. Mcgrath purchased 64,000 shares of the stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $3.15 per share, for a total transaction of $201,600.00. Following the completion of the acquisition, the chief financial officer now owns 371,013 shares in the company, valued at approximately $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. Over the last 90 days, insiders acquired 190,284 shares of company stock worth $600,348. Company insiders own 3.40% of the company’s stock.

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.