QGEN - Is Qiagen's Stumble An Opportunity For Investors?
Qiagen NV (NYSE: QGEN), a European biotech stock that develops and markets molecular diagnostics to test DNA, RNA, and proteins, issued three separate press releases on Monday, Oct. 7. First, the company announced a new collaboration with Illumina (NASDAQ: ILMN) to develop and market tests for clinical applications. Second, Qiagen announced that the upcoming third quarter earnings will be below the company's prior guidance due to slower than expected revenue growth in China. Then, the company said it would discontinue one of its product lines. Lastly, it announced its CEO is stepping down. In the wake of all these events, its stock dropped 20% with investors questioning the company's prospects going forward.
Quiagen's tools help physicians to understand their patients' conditions, researchers to elucidate new mechanisms for therapeutic intervention, and criminal investigators to uncover forensic clues. The company sells 500 products to more than 500,000 customers globally. Originally based in Germany, Quiagen is now headquartered in The Netherlands, In 1996, it became the first German company to complete an initial public offering on the Nasdaq.
Source: Qiagen NV