Welcome to our dedicated page for Opko Health news (Ticker: OPK), a resource for investors and traders seeking the latest updates and insights on Opko Health stock.
OPKO Health Inc. (NASDAQ: OPK) is a diversified healthcare company focused on establishing leading positions in large, rapidly growing markets. OPKO operates through two main segments: Diagnostics and Pharmaceuticals.
OPKO's Diagnostics segment includes BioReference Laboratories, the nation's third largest clinical laboratory. BioReference offers a comprehensive range of diagnostic services and features a core genetic testing business supported by a skilled 400-person sales and marketing team. Notable products include the 4Kscore® test for prostate cancer and the Claros® 1 in-office immunoassay platform.
The Pharmaceutical segment of OPKO showcases a diverse portfolio of products. Rayaldee, an FDA-approved treatment for secondary hyperparathyroidism in stage 3-4 chronic kidney disease patients with vitamin D insufficiency, was launched in November 2016. Other significant pharmaceutical developments include Varubitm for chemotherapy-induced nausea and vomiting, OPK88004 for type 2 diabetes and obesity, and OPK88003, a selective androgen receptor modulator for benign prostatic hyperplasia, both of which are in Phase 2 clinical trials.
OPKO has recently made headlines with strategic collaborations and technological advancements. BioReference Health, a subsidiary of OPKO, has entered a strategic alliance with SOPHiA GENETICS to incorporate MSK-ACCESS® liquid biopsy technology. This partnership aims to enhance BioReference's genomic analysis capabilities and offer state-of-the-art cancer testing across the U.S. Another collaboration with Prognos Health aims to merge genomic data with real-world data, facilitating precision medicine and improving patient outcomes.
Financially, OPKO continues to exhibit a strong performance with ongoing projects and strategic acquisitions. The acquisition of select assets from BioReference Health by Labcorp is set to expand OPKO's reach and capabilities, strengthening its market presence.
Headquartered in Miami, Florida, OPKO Health is committed to improving healthcare through innovation, scientific expertise, and strategic partnerships. For more detailed information about their products, services, and latest news, visit www.opko.com.
OPKO Health (Nasdaq: OPK) has announced its participation in the Piper Sandler 36th Annual Healthcare Conference, scheduled for December 3-5, 2024, at the Lotte New York Palace Hotel in New York City. The company's management will engage in one-on-one meetings with investors and participate in a fireside chat on December 4th at 1:30 p.m. Eastern time. The session will be webcast live and available for replay through OPKO Health's website's Investors section.
NextPlat Corp (NASDAQ: NXPL) announced its participation in the 2024 China International Natural Health & Nutrition Expo (NHNE), showcasing OPKO Healthcare products, including new veterinary care items. The expo, Asia's largest health and nutrition tradeshow, will host 1,200 suppliers and attract 120,000 buyers. NextPlat has been invited by the U.S. Consulate General in Wuhan to present OPKO products to selected Chinese buyers. The company is expanding its presence in China through new online storefronts on WeChat and JD.com, while planning physical distribution in retail chains during 2025. Recent weeks have shown increased demand for OPKO products in China following enhanced promotional activities.
OPKO Health (NASDAQ: OPK) reported Q3 2024 financial results with consolidated revenues of $173.6 million. The company completed the sale of select BioReference Health assets to Labcorp for $237.5 million and entered a $250 million note purchase agreement with HealthCare Royalty. Key financial highlights include operating income of $14.2 million and net income of $24.9 million ($0.03 per diluted share). The company initiated a $100 million share repurchase program, with 14.9 million shares already repurchased for $23.8 million. Additionally, OPKO received $51 million in BARDA funding for COVID and influenza programs development.
OPKO Health (NASDAQ: OPK) has scheduled its Third Quarter 2024 financial results announcement for November 7, 2024, after U.S. market close. The company will host a conference call and live audio webcast at 4:30 p.m. Eastern time, where senior management will provide a business update, discuss results, and share financial guidance. Participants can pre-register for the call through a provided link, or dial in directly using 833-630-0584 (U.S.) or 412-317-1815 (International). A replay will be available until November 14, 2024.
ModeX Therapeutics, an OPKO Health company, has secured $51 million in additional funding from BARDA. This includes $35 million for developing a second novel multispecific antibody to SARS-CoV-2 and $16 million to initiate an influenza program. The total BARDA funding now reaches $110 million, with potential for up to $205 million if all options are executed.
The funding will support the development of ModeX's proprietary MSTAR platform, which incorporates multiple antibody binding sites into a single molecule. This technology aims to provide broader protection against viral threats and potentially benefit immune-suppressed patients. The project includes exploring gene-based expression of multispecific antibodies, which could reduce manufacturing costs and allow faster responses to emerging threats.
ModeX Therapeutics Inc., an OPKO Health (NASDAQ: OPK) company, has appointed Dr. Giovanni Abbadessa as Chief Medical Officer. With over 20 years of experience in drug development, Dr. Abbadessa joins from Sanofi, where he was Vice President in oncology asset development. This appointment comes as ModeX prepares for multiple clinical trials, including MDX2001, a novel solid tumor treatment that recently entered clinical trials.
Dr. Gary Nabel, ModeX's co-founder, President and CEO, praised Dr. Abbadessa's expertise in early-stage oncology development. OPKO Health's leadership, Drs. Phillip Frost and Elias Zerhouni, emphasized the importance of Dr. Abbadessa's skills as ModeX advances its pipeline of potential first-in-class treatments. Dr. Abbadessa expressed enthusiasm for ModeX's scientific discoveries and his commitment to advancing medical treatments to help patients.
Labcorp (NYSE: LH) has completed the acquisition of select assets from BioReference Health, a subsidiary of OPKO Health (Nasdaq: OPK), for $237.5 million. The deal includes BioReference Health's laboratory testing businesses in clinical diagnostics and reproductive and women's health outside of New York and New Jersey, generating approximately $100 million in annual revenue. This acquisition aims to enhance Labcorp's laboratory services network and expand access to its clinical services.
The transaction is expected to provide patients, physicians, and customers with greater access to Labcorp's comprehensive laboratory services and expanded testing capabilities. OPKO Health views this sale as a strategic move to improve efficiencies and enhance productivity of BioReference Health's operations, focusing on their core clinical diagnostics in New York and New Jersey and higher value testing segments.
OPKO Health (NASDAQ: OPK) reported Q2 2024 financial results and business highlights. Key points include:
1. Enrollment underway in MDX2001 Phase 1 trial for solid tumor cancers.
2. Global commercial launch of NGENLA® ongoing with Pfizer.
3. Entered $250 million note purchase agreement secured by NGENLA profit share payments.
4. Authorized $100 million share repurchase program.
5. Sale of select BioReference Health assets expected to close in Q3 for $237.5 million.
Financial results:
- Q2 2024 revenue: $182.2 million (vs $265.4 million in Q2 2023)
- Q2 2024 net loss: $10.3 million or $0.01 per share (vs $19.6 million or $0.03 per share in Q2 2023)
- Cash and cash equivalents: $40.6 million as of June 30, 2024
OPKO Health (NASDAQ: OPK) has announced it will release its second quarter 2024 financial results on August 7, 2024, after the U.S. financial markets close. The company will host a conference call and live audio webcast at 4:30 p.m. Eastern time on the same day to discuss the results and provide a business update. Senior management will also offer financial guidance during the call.
Participants are encouraged to pre-register for the conference call using a provided link. Those unable to pre-register can dial in using specific numbers for U.S. and International callers. A webcast of the call will be accessible through OPKO's Investor Relations page. Both telephone and webcast replays will be available for a time after the call.
OPKO Health (NASDAQ: OPK) has announced a $100 million share repurchase program, authorized by its Board of Directors. The program allows OPKO to repurchase shares through various methods, including open market purchases and block trades. With approximately 697 million shares outstanding as of June 30, 2024, this authorization represents about 10.1% of shares outstanding at the current stock price.
CEO Phillip Frost stated that the company believes its shares are significantly undervalued and offer an attractive investment opportunity. The repurchase program is expected to be funded from existing cash, cash equivalents, and future cash flows. OPKO's recent non-dilutive capital transaction with HealthCare Royalty and prior convertible debt refinancing have provided financial flexibility for this initiative.
FAQ
What is the current stock price of Opko Health (OPK)?
What is the market cap of Opko Health (OPK)?
What does OPKO Health Inc. specialize in?
What are the main products offered by OPKO Health?
What recent collaborations has OPKO Health announced?
Where is OPKO Health headquartered?
What is the significance of the 4Kscore® test?
How does BioReference Laboratories fit into OPKO Health's operations?
What is Rayaldee used for?
What impact will the Labcorp acquisition have on OPKO Health?
What are the future goals of OPKO Health?
How can investors learn more about OPKO Health's performance?
