OPKO Health (NASDAQ:OPK) Shares Gap Down After Earnings Miss

OPKO Health, Inc. (NASDAQ:OPK) shares gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.38, but opened at $1.31. OPKO Health shares last traded at $1.36, with a volume of 1,160,743 shares.

The biotechnology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). OPKO Health had a negative return on equity of 9.76% and a negative net margin of 18.65%. The company had revenue of $149.90 million for the quarter, compared to analysts’ expectations of $163.13 million. During the same quarter last year, the company earned ($0.12) earnings per share. The company’s revenue for the quarter was down 13.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OPK. StockNews.com raised shares of OPKO Health from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd. Barrington Research reissued an “outperform” rating and issued a $2.25 price objective on shares of OPKO Health in a research report on Thursday. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of OPKO Health in a research note on Monday, April 7th. Finally, JPMorgan Chase & Co. started coverage on OPKO Health in a research note on Friday, April 25th. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2.75.

Insider Activity at OPKO Health

In other OPKO Health news, CEO Phillip Md Et Al Frost purchased 200,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were bought at an average price of $1.74 per share, for a total transaction of $348,000.00. Following the acquisition, the chief executive officer now owns 213,501,448 shares in the company, valued at $371,492,519.52. This represents a 0.09 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have bought a total of 767,434 shares of company stock valued at $1,238,312 in the last ninety days. Company insiders own 49.69% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OPK. Millennium Management LLC grew its position in OPKO Health by 85.3% during the 4th quarter. Millennium Management LLC now owns 4,588,526 shares of the biotechnology company’s stock worth $6,745,000 after purchasing an additional 2,112,382 shares during the period. Northern Trust Corp grew its holdings in OPKO Health by 4.7% during the fourth quarter. Northern Trust Corp now owns 3,697,774 shares of the biotechnology company’s stock worth $5,436,000 after acquiring an additional 164,847 shares during the period. Lazard Asset Management LLC raised its position in OPKO Health by 143.6% during the fourth quarter. Lazard Asset Management LLC now owns 2,548,667 shares of the biotechnology company’s stock valued at $3,746,000 after acquiring an additional 1,502,342 shares in the last quarter. Two Sigma Investments LP lifted its holdings in OPKO Health by 136.1% in the fourth quarter. Two Sigma Investments LP now owns 1,647,567 shares of the biotechnology company’s stock valued at $2,422,000 after acquiring an additional 949,671 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in OPKO Health by 42.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,432,404 shares of the biotechnology company’s stock worth $2,106,000 after purchasing an additional 425,484 shares in the last quarter. Hedge funds and other institutional investors own 64.63% of the company’s stock.

OPKO Health Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.69 and a current ratio of 2.97. The business’s 50 day moving average price is $1.62 and its 200 day moving average price is $1.57. The firm has a market cap of $906.59 million, a price-to-earnings ratio of -7.11 and a beta of 1.78.

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.