Quidel up 8% as Beckman appeal starts

Thinly traded diagnostic test maker Quidel (QDEL +8.3%) is up on more than double normal volume, albeit on turnover of only 407K shares, in apparent response to opening arguments in its appeal of a lower court ruling allowing Beckman (DHR +1.5%) to sell certain Quidel-licensed tests directly to customers instead of sourcing them from the company per their agreement.

In December 2018, a California state court granted a stay on Beckman’s motion for summary judgement.

According to MDC Financial’s Michael Cohen, the opening statements appear to favor Quidel. A decision from the appeals court should be issued in ~90 days. Quidel remains confident that it will prevail.

https://seekingalpha.com/news/3491219-quidel-8-percent-beckman-appeal-starts