Shake-Up Alert: 40 Companies Facing Activist Pressure

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30. Jana Partners at QuidelOrtho Corporation (NASDAQ:QDEL)

Stock Return: – 1.3%

S&P 500 Return: 5.1%

Investment date: 26/05/2024

Number of hedge funds holding stakes: 28

QuidelOrtho Corporation (NASDAQ:QDEL) is a US healthcare company that offers diagnostics solutions through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. Activist investor Jana Partners built a new stake in QuidelOrtho Corporation (NASDAQ:QDEL) in the first quarter of 2024.

By building a position, Jana Partners is signaling its interest in the company and that it has already committed significant resources to what could become an activist campaign. The investment came on the stock shedding more than 50% in market value in 2023. QuidelOrtho Corporation (NASDAQ:QDEL) has also lost about 43% in market value, an underperformance that should prompt Jana Partners to push for strategic initiatives to reinvigorate the company’s prospects and value. As of the end of Q1 2024, 28 hedge funds held stakes in QuidelOrtho Corporation (NASDAQ:QDEL), down from 32 as of 2023.

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