HC Wainwright Weighs in on OPKO Health, Inc.'s Q2 2024 Earnings (NASDAQ:OPK)

OPKO Health, Inc. (NASDAQ:OPK - Free Report) - Equities researchers at HC Wainwright dropped their Q2 2024 earnings per share estimates for shares of OPKO Health in a research report issued to clients and investors on Wednesday, April 3rd. HC Wainwright analyst Y. Chen now anticipates that the biotechnology company will post earnings of ($0.09) per share for the quarter, down from their prior estimate of ($0.08). HC Wainwright has a "Buy" rating and a $3.00 price objective on the stock. The consensus estimate for OPKO Health's current full-year earnings is ($0.33) per share. HC Wainwright also issued estimates for OPKO Health's Q3 2024 earnings at ($0.09) EPS, Q4 2024 earnings at ($0.08) EPS, FY2024 earnings at ($0.35) EPS, Q2 2025 earnings at ($0.08) EPS, Q4 2025 earnings at ($0.07) EPS and FY2025 earnings at ($0.30) EPS.

A number of other research firms have also recently commented on OPK. Piper Sandler reissued an "overweight" rating and issued a $5.00 target price on shares of OPKO Health in a research note on Monday. StockNews.com cut OPKO Health from a "hold" rating to a "sell" rating in a research note on Friday, March 1st. Finally, Barrington Research reaffirmed an "outperform" rating and set a $1.50 price objective on shares of OPKO Health in a research note on Monday.

OPKO Health Stock Performance

Shares of NASDAQ:OPK traded down $0.01 during trading on Friday, hitting $1.35. 4,259,080 shares of the company were exchanged, compared to its average volume of 14,845,859. The company has a market cap of $940.94 million, a PE ratio of -5.40 and a beta of 1.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.55 and a quick ratio of 1.22. OPKO Health has a 52-week low of $0.85 and a 52-week high of $2.24. The stock has a 50 day moving average of $1.02 and a 200 day moving average of $1.26.

OPKO Health (NASDAQ:OPK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The biotechnology company reported ($0.09) EPS for the quarter, meeting the consensus estimate of ($0.09). OPKO Health had a negative return on equity of 12.69% and a negative net margin of 21.76%. The business had revenue of $181.90 million for the quarter, compared to the consensus estimate of $177.53 million. During the same quarter in the prior year, the business earned ($0.11) earnings per share. OPKO Health's revenue for the quarter was down 1.9% on a year-over-year basis.

Insiders Place Their Bets

In related news, Director Richard M. Krasno acquired 30,000 shares of the stock in a transaction on Monday, January 29th. The stock was acquired at an average cost of $0.99 per share, for a total transaction of $29,700.00. Following the completion of the acquisition, the director now directly owns 103,333 shares of the company's stock, valued at approximately $102,299.67. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other OPKO Health news, CEO Phillip Md Et Al Frost bought 500,000 shares of the stock in a transaction dated Monday, March 18th. The stock was purchased at an average cost of $0.87 per share, for a total transaction of $435,000.00. Following the completion of the acquisition, the chief executive officer now owns 210,968,225 shares of the company's stock, valued at $183,542,355.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard M. Krasno bought 30,000 shares of the stock in a transaction dated Monday, January 29th. The shares were acquired at an average price of $0.99 per share, with a total value of $29,700.00. Following the completion of the acquisition, the director now directly owns 103,333 shares of the company's stock, valued at approximately $102,299.67. The disclosure for this purchase can be found here. Insiders purchased 6,907,715 shares of company stock worth $6,585,090 over the last three months. Company insiders own 47.26% of the company's stock.

Institutional Investors Weigh In On OPKO Health

Several institutional investors and hedge funds have recently made changes to their positions in OPK. State Street Corp increased its position in shares of OPKO Health by 56.7% during the first quarter. State Street Corp now owns 27,688,831 shares of the biotechnology company's stock valued at $95,250,000 after acquiring an additional 10,014,088 shares in the last quarter. Millennium Management LLC increased its position in shares of OPKO Health by 318.6% during the second quarter. Millennium Management LLC now owns 7,390,435 shares of the biotechnology company's stock valued at $18,698,000 after acquiring an additional 5,624,866 shares in the last quarter. Invesco Ltd. increased its position in shares of OPKO Health by 300.4% during the third quarter. Invesco Ltd. now owns 5,164,180 shares of the biotechnology company's stock valued at $8,263,000 after acquiring an additional 3,874,519 shares in the last quarter. Renaissance Technologies LLC grew its position in OPKO Health by 848.7% in the 2nd quarter. Renaissance Technologies LLC now owns 3,890,172 shares of the biotechnology company's stock worth $9,842,000 after purchasing an additional 3,480,129 shares during the period. Finally, Norges Bank bought a new stake in OPKO Health in the 4th quarter worth approximately $4,042,000. Institutional investors own 64.63% of the company's stock.

OPKO Health Company Profile

OPKO Health, Inc, a healthcare company, engages in the diagnostics and pharmaceuticals businesses in the United States, Ireland, Chile, Spain, Israel, Mexico, and internationally. The company's Diagnostics segment operates BioReference Laboratories that offers laboratory testing services for the detection, diagnosis, evaluation, monitoring, and treatment of diseases, including esoteric testing, molecular diagnostics, anatomical pathology, genetics, women's health, and correctional healthcare to physician offices, clinics, hospitals, employers, and governmental units; and 4Kscore prostate cancer test.