NEW YORK (GenomeWeb News) – Piper Jaffray on Thursday initiated coverage of diagnostics firm Quidel with an Overweight rating, noting the San Diego-based company's move into the molecular diagnostics space.

The investment bank has a $26 price target on Quidel's stock.

Historically, Quidel has depended on its flu and respiratory virus business, and in a research note analyst William Quirk estimated that in 2011 that business made up 48 percent of total revenues.

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