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 dissappointing 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 trading hands.

The biotechnology company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 company had revenue of $173.70 million during the quarter, compared to the consensus estimate of $182.99 million. During the same period in the previous year, the firm posted ($0.02) earnings per share. The company’s revenue was down 26.9% on a year-over-year basis.

Analysts Set New Price Targets

Several brokerages recently weighed in on OPK. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of OPKO Health in a research note on Wednesday. StockNews.com lowered OPKO Health from a “hold” rating to a “sell” rating in a report on Friday, March 1st. Barrington Research reissued an “outperform” rating and set a $1.50 target price on shares of OPKO Health in a report on Monday, April 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $5.00 price target on shares of OPKO Health in a report on Monday, April 1st.

Insider Transactions at OPKO Health

In related news, CEO Phillip Md Et Al Frost bought 500,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average price of $0.87 per share, for a total transaction of $435,000.00. Following the completion of the transaction, the chief executive officer now directly owns 210,968,225 shares in the company, valued at $183,542,355.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 3,100,000 shares of company stock valued at $2,923,000 in the last three months. 47.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IPG Investment Advisors LLC purchased a new position in OPKO Health in the 4th quarter worth approximately $30,000. River Wealth Advisors LLC purchased a new position in OPKO Health during the 3rd quarter valued at about $38,000. SlateStone Wealth LLC purchased a new position in shares of OPKO Health in the first quarter valued at approximately $31,000. Northstar Group Inc. purchased a new stake in OPKO Health during the 4th quarter worth approximately $42,000. Finally, EP Wealth Advisors LLC raised its stake in shares of OPKO Health by 140.3% in the third quarter. EP Wealth Advisors LLC now owns 30,900 shares of the biotechnology company’s stock valued at $49,000 after acquiring an additional 18,041 shares in the last quarter. Hedge funds and other institutional investors own 64.63% of the company’s stock.

OPKO Health Stock Up 0.8 %

The firm has a 50 day moving average price of $1.15 and a 200-day moving average price of $1.22. The company has a current ratio of 1.55, a quick ratio of 1.22 and a debt-to-equity ratio of 0.15. The firm has a market cap of $878.21 million, a PE ratio of -5.04 and a beta of 1.81.

About OPKO Health

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.