OPKO Health (NASDAQ:OPK) Trading Up 8.2% - Here's Why

Key Points

• OPKO Health shares rose 8.2% to $1.645 during mid-day trading, despite trading volume running 84% below the average daily level.
• The company exceeded quarterly expectations, reporting a loss of $0.01 per share versus the projected $0.08 loss and revenue of $163.58 million versus the $131.23 million consensus estimate. Revenue increased 4.3% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $1.55 target price; institutional investors own 64.63% of OPKO’s shares after several funds increased or initiated positions.

OPKO Health, Inc. (NASDAQ:OPK - Get Free Report)'s share price rose 8.2% during mid-day trading on Wednesday . The company traded as high as $1.62 and last traded at $1.6450. 467,588 shares were traded during trading, a decline of 84% from the average daily volume of 2,970,710 shares. The stock had previously closed at $1.52.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OPK. HC Wainwright reissued a "buy" rating on shares of OPKO Health in a research note on Wednesday, July 29th. Weiss Ratings restated a "sell (d-)" rating on shares of OPKO Health in a research report on Thursday, August 13th. Finally, Wall Street Zen raised shares of OPKO Health from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $1.55.

OPKO Health Stock Up 8.9%

The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.93 and a current ratio of 3.35. The company's fifty day moving average price is $1.39 and its 200-day moving average price is $1.29. The stock has a market cap of $1.24 billion, a P/E ratio of -18.39 and a beta of 1.50.

OPKO Health (NASDAQ:OPK - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The biotechnology company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $163.58 million for the quarter, compared to the consensus estimate of $131.23 million. OPKO Health had a negative net margin of 12.40% and a negative return on equity of 5.88%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.19) EPS. Equities analysts forecast that OPKO Health, Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On OPKO Health

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of OPKO Health during the second quarter worth $55,468,000. Goldman Sachs Group Inc. grew its holdings in shares of OPKO Health by 150.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,986,913 shares of the biotechnology company's stock worth $7,544,000 after purchasing an additional 3,600,378 shares during the last quarter. AWM Investment Company Inc. bought a new position in shares of OPKO Health in the second quarter worth about $3,165,000. Millennium Management LLC increased its stake in OPKO Health by 39.2% in the 1st quarter. Millennium Management LLC now owns 6,386,911 shares of the biotechnology company's stock worth $10,602,000 after buying an additional 1,798,385 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in OPKO Health in the 2nd quarter worth about $1,995,000. 64.63% of the stock is currently owned by hedge funds and other institutional investors.

About OPKO Health

OPKO Health, Inc NASDAQ: OPK is a diversified, global healthcare company headquartered in Miami, Florida, with a focus on diagnostics, pharmaceuticals and biologics development. The company operates two main business segments—Laboratory Services and Pharma Services & Products—driven by its mission to advance patient care through innovation in testing and targeted therapies.

In its Laboratory Services segment, OPKO leverages BioReference Laboratories, one of the largest full-service commercial labs in the United States.

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