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Jefferies cut its rating on Orasure Technologies (OSUR
) to underperform from hold, explaining that the Los Angeles Gay and Lesbian Centere has moved to stop using the company's rapid oral-based HIV test.
Analyst Ryan Rauch says that his diligence indicates the Center saw a sharp spike in false-positives in November. He also downgrades Orasure because the proposal to direct the Department of Health and Human Services (HHS) to purchase up to one million oral fluid tests was unexpectedly stripped from the HHS Bill on Wednesday. He says he had expected this to add about $10 million to Orasure's top-line in 2006. He cut his $10 price target to $8.