10 Oversold NASDAQ Stocks To Invest In Now

6. QuidelOrtho Corporation (NASDAQ:QDEL)  

Number of Hedge Fund Investors: 33  

Forward P/E Ratio as of October 23: 12.56  

YTD Performance as of October 23: -46.20%

QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostics healthcare company that focuses on innovative in vitro diagnostic technologies designed for point-of-care settings, clinical labs, and transfusion medicine.

QuidelOrtho Corporation (NASDAQ:QDEL) gained prominence during the COVID-19 pandemic due to its rapid diagnostic testing solutions. However, as demand for pandemic-related tests declined QuidelOrtho Corporation (NASDAQ:QDEL) has faced headwinds, resulting in a steep drop in stock performance.

On August 29, QuidelOrtho Corporation (NASDAQ:QDEL) announced that it received FDA 510(k) clearance for its VITROS syphilis assay, a test that uses  emission of light as a result of a chemical reaction to detect and identify syphilis antibodies in human serum or plasma. This new assay is available on the VITROS 3600 Immunodiagnostic System, VITROS 5600, and VITROS XT 7600 Integrated Systems in the US.

This achievement further strengthens QuidelOrtho Corporation’s (NASDAQ:QDEL) position in infectious disease testing. The assay detects total antibodies (IgG and IgM) to Treponema pallidum (TP)-specific antigens, which helps in the diagnosis of syphilis in conjunction with other tests and clinical findings.

This clearance allows the VITROS syphilis assay to be part of the company’s infectious disease portfolio, which is crucial for addressing the rising syphilis epidemic in the US and is expected to provide more timely and accurate diagnoses for effective syphilis treatment and control. There are over 176,000 new cases of syphilis annually and a 36% increase in primary and secondary syphilis since 2021, the assay improves laboratory efficiency, follows CDC’s reverse testing algorithm, and reduces costs by enabling earlier detection.