Quidel (QDEL) shares plummeted 5.03% during Friday's intraday trading session, as investors reacted to a bearish analyst update from a major Wall Street firm.

The significant drop in share price came after JPMorgan lowered its price target on QuidelOrtho to $22 from $26. The firm also maintained its Underweight rating on the stock, signaling continued skepticism about the company's near-term prospects.

This downgrade from a prominent financial institution like JPMorgan could potentially influence other investors' perceptions of Quidel's stock. The lower price target suggests that analysts at JPMorgan see limited upside potential for the company in the current market environment, which may be contributing to the selling pressure observed in today's trading session.