OPKO Health (NASDAQ:OPK) Shares Gap Down on Disappointing Earnings

OPKO Health, Inc. (NASDAQ:OPK) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.30, but opened at $1.17. OPKO Health shares last traded at $1.22, with a volume of 1,081,035 shares changing hands.

The biotechnology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $173.70 million during the quarter, compared to analyst estimates of $182.99 million. OPKO Health had a negative net margin of 21.76% and a negative return on equity of 12.69%. The company’s quarterly revenue was down 26.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) EPS.

Analysts Set New Price Targets

A number of research firms have commented on OPK. StockNews.com cut shares of OPKO Health from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $5.00 target price on shares of OPKO Health in a research report on Monday, April 1st. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of OPKO Health in a research note on Wednesday. Finally, Barrington Research reaffirmed an “outperform” rating and set a $1.50 target price on shares of OPKO Health in a research report on Monday, April 1st.

Insider Buying and Selling

In related news, CEO Phillip Md Et Al Frost bought 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were bought at an average price of $0.87 per share, with a total value of $435,000.00. Following the completion of the transaction, the chief executive officer now directly owns 210,968,225 shares in the company, valued at $183,542,355.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 3,100,000 shares of company stock worth $2,923,000 in the last quarter. Insiders own 47.26% of the company’s stock.

Institutional Trading of OPKO Health

Institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in OPKO Health in the first quarter worth $47,000. BNP Paribas Financial Markets grew its position in shares of OPKO Health by 23.7% during the 1st quarter. BNP Paribas Financial Markets now owns 336,315 shares of the biotechnology company’s stock valued at $404,000 after acquiring an additional 64,443 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of OPKO Health by 5.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 437,276 shares of the biotechnology company’s stock worth $525,000 after purchasing an additional 24,350 shares during the last quarter. SlateStone Wealth LLC bought a new stake in shares of OPKO Health in the 1st quarter worth approximately $31,000. Finally, Assenagon Asset Management S.A. lifted its stake in OPKO Health by 107.2% in the first quarter. Assenagon Asset Management S.A. now owns 1,253,808 shares of the biotechnology company’s stock valued at $1,502,000 after purchasing an additional 648,569 shares during the last quarter. Institutional investors own 64.63% of the company’s stock.

OPKO Health Stock Down 3.8 %

The firm has a market capitalization of $871.24 million, a PE ratio of -5.00 and a beta of 1.81. The stock has a 50-day simple moving average of $1.14 and a 200-day simple moving average of $1.22. The company has a quick ratio of 1.22, a current ratio of 1.55 and a debt-to-equity ratio of 0.15.

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.