Wednesday, July 30, 2014 8:53:15 AM
By Gabrielle Coppola Dec 11, 2013 5:16 PM ET
Opko Health Inc. (OPK), the Tel Aviv-traded drug developer headed by billionaire Phillip Frost, tumbled the most in five years after short seller Lakewood Capital Management said the stock is “grossly overvalued.”
Shares of the Miami-based company sank 15 percent to $9.81, paring its gain this year to 104 percent. The New York shares’ discount to the Tel Aviv stock widened to 43 cents, the most in two weeks. Shares slumped 12 percent to 36 shekels, or $10.24.
Opko’s shares are worth least 75 percent “less than where they are currently trading,” Lakewood said in a report on its website. The health-care holding company’s Alzheimer test is unlikely to be commercialized, it said.
“The likelihood with Opko is that you will see lots of volatility,” Daniel Goldstein, the global head of sales at IBI-Israel Brokerage and Investments Ltd. in Tel Aviv, said by phone. “The stock has risen very strongly based on little more than belief. Any bad news is likely to have a strong impact.”
Juan Rodriguez, Opko’s chief financial officer in Miami, didn’t immediately respond to a voicemail message requesting comment on the report.
The company was included on the benchmark TA-25 Index in October after it completed the acquisition of Nes Ziona, Israel-based Prolor Biotech Inc.
After selling Ivax Corp. to Teva Pharmaceutical Industries Ltd. for $7.4 billion in 2006, Frost and his associates began assembling Opko, a health-care holding company for diagnostic equipment and medical products. Frost is the chairman and largest shareholder in both Opko and Prolor and one of Prolor’s early investors. He’s also chairman of Teva.
Recent OPK News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:21:51 PM
- OPKO Health to Report Second Quarter 2024 Financial Results on August 7, 2024 • GlobeNewswire Inc. • 08/01/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/31/2024 09:03:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:49:22 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 07/26/2024 11:43:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:18:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:15:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:11:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:08:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/26/2024 11:05:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/23/2024 09:16:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/19/2024 10:46:15 PM
- OPKO Health Announces $100 Million Share Repurchase Program • GlobeNewswire Inc. • 07/18/2024 12:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/17/2024 08:23:35 PM
- OPKO Health and HealthCare Royalty Enter into $250 Million Note Purchase Agreement Secured by NGENLA’s Profit Share Payments • GlobeNewswire Inc. • 07/17/2024 08:14:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/09/2024 08:07:09 PM
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- OPKO Health to Participate in the Jefferies Global Healthcare Conference • GlobeNewswire Inc. • 05/31/2024 02:48:38 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/07/2024 08:29:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:07:44 PM
- OPKO Health Reports First Quarter 2024 Business Highlights and Financial Results • GlobeNewswire Inc. • 05/07/2024 08:05:00 PM
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