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

OPKO Health, Inc. (NASDAQ:OPK)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. 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.

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

Analyst Upgrades and Downgrades

OPK has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $5.00 target price on shares of OPKO Health in a research note on Monday, April 1st. StockNews.com lowered OPKO Health from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of OPKO Health in a research note on Wednesday. Finally, Barrington Research reissued an “outperform” rating and set a $1.50 price target on shares of OPKO Health in a research report on Monday, April 1st.

Insiders Place Their Bets

In related news, CEO Phillip Md Et Al Frost purchased 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $0.99 per share, with a total value of $990,000.00. Following the acquisition, the chief executive officer now owns 208,368,225 shares in the company, valued at approximately $206,284,542.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have acquired 3,100,000 shares of company stock valued at $2,923,000. Company insiders own 47.26% of the company’s stock.

Institutional Investors Weigh In On OPKO Health

A number of hedge funds and other institutional investors have recently modified their holdings of OPK. Swiss National Bank boosted its stake in OPKO Health by 1.0% during the 3rd quarter. Swiss National Bank now owns 934,055 shares of the biotechnology company’s stock valued at $1,494,000 after purchasing an additional 8,800 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of OPKO Health by 6.8% during the 3rd quarter. Van ECK Associates Corp now owns 150,771 shares of the biotechnology company’s stock worth $241,000 after acquiring an additional 9,591 shares in the last quarter. Levin Capital Strategies L.P. boosted its stake in shares of OPKO Health by 30.0% during the 3rd quarter. Levin Capital Strategies L.P. now owns 65,000 shares of the biotechnology company’s stock worth $104,000 after acquiring an additional 15,000 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of OPKO Health by 39.1% during the 3rd quarter. Principal Financial Group Inc. now owns 59,566 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 16,733 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its stake in shares of OPKO Health by 140.3% during the 3rd quarter. EP Wealth Advisors LLC now owns 30,900 shares of the biotechnology company’s stock worth $49,000 after acquiring an additional 18,041 shares in the last quarter. 64.63% of the stock is currently owned by institutional investors.

OPKO Health Trading Down 3.8 %

The firm has a market capitalization of $871.24 million, a P/E ratio of -5.00 and a beta of 1.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.22 and a current ratio of 1.55. The firm has a 50 day moving average price of $1.14 and a two-hundred day moving average price of $1.22.

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.