Zacks Investment Research upgraded shares of Opko Health (NASDAQ:OPK) from a sell rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports. The brokerage currently has $2.00 target price on the biotechnology company’s stock.
According to Zacks, “OPKO Health has gained significantly from RAYALDEE contribution in recent times. Further, OPKO Health’s utilization of the 4Kscore remains strong, with nearly 18,800 tests registered in the second quarter. These apart, the company’s clinical development programs look promising with a robust pipeline of candidates. Several metabolic and endocrinology programs that are underway should provide OPKO Health a competitive advantage. However, the company’s gross margin is under pressure at the moment. Moreover, the company faces cutthroat competition in the MedTech space. Sluggishness in the Services revenue segment remains a concern. OPKO Health underperformed its industry in a year’s time. With respect to quarterly results, OPKO Health exited the second quarter on a strong note.”
Separately, ValuEngine raised Opko Health from a sell rating to a hold rating in a report on Thursday, August 1st.
Opko Health (NASDAQ:OPK) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Opko Health had a negative return on equity of 12.17% and a negative net margin of 26.55%. The firm had revenue of $226.40 million during the quarter, compared to the consensus estimate of $225.07 million. During the same quarter in the prior year, the firm posted ($0.01) EPS. The business’s revenue was down 14.1% on a year-over-year basis. On average, research analysts expect that Opko Health will post -0.43 EPS for the current year.
In related news, Director Robert Scott Fishel acquired 50,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average price of $1.92 per share, with a total value of $96,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Phillip Md Et Al Frost acquired 200,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was bought at an average cost of $1.90 per share, with a total value of $380,000.00. Following the acquisition, the chief executive officer now owns 3,068,951 shares in the company, valued at approximately $5,831,006.90. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,050,000 shares of company stock valued at $2,102,000. 42.25% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Opko Health by 4.4% in the 2nd quarter. BlackRock Inc. now owns 31,520,785 shares of the biotechnology company’s stock valued at $76,910,000 after acquiring an additional 1,330,639 shares during the period. Vanguard Group Inc. raised its stake in Opko Health by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 30,467,543 shares of the biotechnology company’s stock valued at $74,341,000 after acquiring an additional 812,237 shares during the period. Northern Trust Corp raised its stake in Opko Health by 4.4% in the 2nd quarter. Northern Trust Corp now owns 4,195,696 shares of the biotechnology company’s stock valued at $10,238,000 after acquiring an additional 175,185 shares during the period. Norges Bank bought a new stake in Opko Health in the 4th quarter valued at $9,207,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Opko Health by 5.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,387,816 shares of the biotechnology company’s stock valued at $5,827,000 after acquiring an additional 128,250 shares during the period. Institutional investors and hedge funds own 25.63% of the company’s stock.
About Opko Health
OPKO Health, Inc, a healthcare company, engages in the diagnostics and pharmaceuticals business in the United States, Ireland, Chile, Spain, Israel, Mexico, and internationally. The company's Diagnostics segment operates BioReference Laboratories, a clinical laboratory that offers laboratory testing services.
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