QuidelOrtho Corporation (NASDAQ:QDEL) is highlighted as an undervalued medical device stock to consider. RBC Capital analyst Conor McNamara maintained a Buy rating with a $60.00 price target on June 30, boosting investor interest.

The company is strategically focusing on growth in Molecular Diagnostics, aiming to acquire full ownership of LEX Diagnostics for around $100 million pending FDA clearance by late 2025 or early 2026.

QuidelOrtho Corporation (NASDAQ:QDEL) initially invested in LEX Diagnostics in 2023 with plans to accelerate its entry into the $9 billion molecular diagnostics market. This move aligns with the rising demand for rapid, point-of-care molecular testing.

As an in vitro diagnostics company, QuidelOrtho Corporation (NASDAQ:QDEL) develops and manufactures diagnostic products, positioning itself to capitalize on the growing market demand.

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Read more at Yahoo Finance: RBC Capital Maintains a Buy Rating on QuidelOrtho Corporation (QDEL), Sets a $60 PT