J P Morgan Chase & Co Lowers Opko Health, Inc. (OPK) to Neutral
Opko Health, Inc. (NASDAQ:OPK) was downgraded by J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a report released on Thursday, MarketBeat.com reports. They currently have a $7.00 price objective on the biotechnology company’s stock, down from their prior price objective of $12.00. J P Morgan Chase & Co’s price objective points to a potential upside of 17.25% from the stock’s previous close.
A number of other brokerages have also recently commented on OPK. BidaskClub raised Opko Health from a “strong sell” rating to a “sell” rating in a report on Thursday, June 22nd. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and issued a $19.50 target price on shares of Opko Health in a report on Friday, June 16th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $6.50 target price (down from $6.80) on shares of Opko Health in a report on Thursday, August 10th. Zacks Investment Research raised Opko Health from a “hold” rating to a “buy” rating and set a $7.25 target price on the stock in a report on Friday, July 21st. Finally, Barrington Research raised their target price on Opko Health to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.36.
Shares of Opko Health (NASDAQ:OPK) traded down 0.83% during trading on Thursday, hitting $5.97. The stock had a trading volume of 8,169,610 shares. The firm’s market capitalization is $3.34 billion. The stock’s 50-day moving average price is $6.21 and its 200 day moving average price is $6.88. Opko Health has a 1-year low of $5.85 and a 1-year high of $12.15.
Opko Health (NASDAQ:OPK) last announced its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.01. Opko Health had a negative return on equity of 3.67% and a negative net margin of 6.52%. The company had revenue of $314.20 million for the quarter, compared to analysts’ expectations of $322.64 million. During the same period last year, the firm earned $0.02 EPS. Opko Health’s revenue for the quarter was down 12.0% compared to the same quarter last year. On average, analysts anticipate that Opko Health will post ($0.19) earnings per share for the current year.
In other Opko Health news, CEO Phillip Md Et Al Frost purchased 21,800 shares of the business’s stock in a transaction on Tuesday, June 27th. The stock was acquired at an average price of $6.77 per share, for a total transaction of $147,586.00. Following the purchase, the chief executive officer now owns 3,068,951 shares of the company’s stock, valued at approximately $20,776,798.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders acquired a total of 1,101,300 shares of company stock valued at $6,882,366 in the last quarter. 40.19% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Piedmont Investment Advisors LLC grew its position in shares of Opko Health by 43.4% during the second quarter. Piedmont Investment Advisors LLC now owns 230,643 shares of the biotechnology company’s stock valued at $1,518,000 after purchasing an additional 69,818 shares in the last quarter. Psagot Investment House Ltd. grew its position in shares of Opko Health by 20.0% during the second quarter. Psagot Investment House Ltd. now owns 22,862 shares of the biotechnology company’s stock valued at $150,000 after purchasing an additional 3,806 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Opko Health by 7.9% in the second quarter. The Manufacturers Life Insurance Company now owns 22,535 shares of the biotechnology company’s stock worth $149,000 after acquiring an additional 1,657 shares in the last quarter. State Street Corp grew its position in Opko Health by 3.9% in the second quarter. State Street Corp now owns 11,348,763 shares of the biotechnology company’s stock worth $74,671,000 after acquiring an additional 422,203 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Opko Health in the second quarter worth about $1,335,000. Hedge funds and other institutional investors own 22.46% of the company’s stock.
About Opko Health
OPKO Health, Inc is a healthcare company. Its segments include Pharmaceutical, Diagnostics and Corporate. Pharmaceutical consists of the pharmaceutical operations in Chile, Mexico, Ireland, Israel and Spain and its pharmaceutical research and development operations. Diagnostics consists of the clinical laboratory operations in Bio-Reference Laboratories (Bio-Reference) and its point-of-care operations.
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