OPKO HEALTH GETS A BUY RATING FROM CANTOR FITZGERALD
March 1, 2018 Howard Kim Healthcare Leave a comment
Cantor Fitzgerald analyst Louise Chen reiterated a Buy rating on Opko Health (NYSE: OPK) yesterday and set a price target of $20. The company’s shares closed yesterday at $3.18, close to its 52-week low of $3.16.
Chen wrote:
“Positives from the quarter that support our thesis: 1) On 10/12/17, Opko announced its subsidiary EirGen Pharma entered into an exclusive agreement with Japan Tobacco Inc. (Not Covered) for the development and commercialization of Rayaldee (SHPT) in Japan, 2) On 11/7/17, Opko announced the PMA filing for the Total PSA test with Claros 1, with plans to initiate clinical studies and filed a 510(k) for a Claros 1 testosterone test in 2018, 3) On 11/27/17, the company announced the initiation of its Phase 2b dose ranging trial of OPK88004, the first of several Phase 2 studies the company said it planned to initiate between the end of 2017 and 1H18, 4) Revenue from products included $9.1MM of revenue from Rayaldee, including $6.2MM related to revenue previously deferred through 9/30/17. And, 5) Cash and equivalents totaled $91.5M at 12/31/17. Opko strengthened its balance sheet with a $55MM private placement of convertible notes issued on 2/27/18.”
According to TipRanks.com, Chen is ranked 0 out of 5 stars with an average return of -11.1% and a 34.8% success rate. Chen covers the Healthcare sector, focusing on stocks such as Aclaris Therapeutics Inc, ANI Pharmaceuticals Inc, and Paratek Pharmaceuticals.
Opko Health has an analyst consensus of Moderate Buy, with a price target consensus of $20.
The company has a one-year high of $8.54 and a one-year low of $3.16. Currently, Opko Health has an average volume of 4.43M.
Based on the recent corporate insider activity of 119 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OPK in relation to earlier this year.
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OPKO Health, Inc. is a diversified healthcare company. It operates through the Diagnostics and Pharmaceuticals segments. The Diagnostics segment comprises clinical laboratory operations which acquired through the Bio-Reference and point-of-care operations.
