Renaissance Technologies LLC Increases Stake in OraSure Technologies, Inc. (NASDAQ:OSUR)

Renaissance Technologies LLC lifted its stake in OraSure Technologies, Inc. (NASDAQ:OSUR) by 23.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,774,443 shares of the medical instruments supplier’s stock after buying an additional 521,400 shares during the quarter. Renaissance Technologies LLC’s holdings in OraSure Technologies were worth $10,016,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OSUR. Legal & General Group Plc increased its stake in shares of OraSure Technologies by 32.3% in the fourth quarter. Legal & General Group Plc now owns 23,626 shares of the medical instruments supplier’s stock worth $85,000 after purchasing an additional 5,770 shares in the last quarter. Invesco Ltd. increased its stake in OraSure Technologies by 3.4% in the 4th quarter. Invesco Ltd. now owns 127,526 shares of the medical instruments supplier’s stock worth $460,000 after buying an additional 4,240 shares in the last quarter. Integrated Quantitative Investments LLC purchased a new position in shares of OraSure Technologies in the fourth quarter valued at about $184,000. RPO LLC bought a new position in shares of OraSure Technologies in the fourth quarter worth about $56,000. Finally, ExodusPoint Capital Management LP boosted its stake in shares of OraSure Technologies by 1,007.1% in the fourth quarter. ExodusPoint Capital Management LP now owns 168,941 shares of the medical instruments supplier’s stock worth $610,000 after acquiring an additional 153,681 shares during the period. Institutional investors own 93.50% of the company’s stock.

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 Transactions at OraSure Technologies

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

OraSure Technologies Stock Down 0.3 %

Shares of OSUR stock opened at $2.92 on Thursday. The company’s fifty day simple moving average is $3.44 and its two-hundred day simple moving average is $3.76. OraSure Technologies, Inc. has a 52 week low of $2.69 and a 52 week high of $5.59. The stock has a market cap of $218.42 million, a P/E ratio of 19.47 and a beta of 0.76.

OraSure Technologies announced that its Board of Directors has initiated a share repurchase plan on Monday, March 24th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the medical instruments supplier to purchase up to 15.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

OraSure Technologies 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.