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.
BioReference Laboratories, part of OPKO Health (NASDAQ:OPK), has launched Scarlet Health, a digital platform for at-home diagnostic services. This innovative service allows patients to schedule specimen collection at their preferred locations, enhancing convenience and efficiency. Scarlet leverages BioReference's nationwide infrastructure, offering a secure and user-friendly experience for both patients and healthcare providers. As telemedicine investment surged to $1.6 billion in the past year, Scarlet aims to bridge the gap between traditional healthcare and modern telehealth services.
OPKO Health (NASDAQ: OPK) will participate in the virtual 39th Annual J.P. Morgan Healthcare Conference from January 11-14, 2021. Management plans to host one-on-one meetings with investors and will present on January 13 at 3:40 p.m. Eastern time. The presentation will be available for live streaming and later replay in the Investors section of OPKO's website. This conference allows OPKO to showcase its strategies and innovations in the biopharmaceutical and diagnostics sectors.
BioReference Laboratories, part of OPKO Health (NASDAQ: OPK), announced COVID-19 PCR test results for New York City's public schools, revealing a positivity rate of 0.47%. Testing began on September 2, 2020, with over 209,790 individuals tested across 1,200 schools, achieving an average turnaround time of 38 hours. The positivity rates varied by borough, with the Bronx having the highest at 0.71%. This initiative aims to ensure safe learning environments for students and staff amidst the pandemic.
Pfizer (PFE) and OPKO Health (OPK) announced that the FDA has accepted the filing of the Biologics License Application (BLA) for somatrogon, a long-acting growth hormone for treating pediatric growth hormone deficiency (GHD). The FDA's target decision date is in October 2021. Results from a Phase 3 trial demonstrated somatrogon met primary endpoints, showing higher annual height velocity compared to daily somatropin. The therapy offers potential benefits by reducing the need for daily injections. Somatrogon has received Orphan Drug designation in the U.S. and EU.
The Buffalo Bills, 2020 AFC East Division Champions, in partnership with BioReference Laboratories, an OPKO Health company (NASDAQ:OPK), announced a fan testing initiative for their upcoming AFC Divisional Wild Card playoff game. Fans must obtain a negative COVID-19 PCR test result within 72 hours to attend. The test scheduling will be facilitated through a URL provided to ticket purchasers. This initiative aims to ensure a safe environment and marks an innovative step in safely welcoming fans back to live sporting events.
OPKO Health, Inc. (NASDAQ: OPK) announced the appointment of Roger Medel, M.D. as an independent Board member effective December 18, 2020. With this addition, the Board now consists of 11 Directors, including seven independents. Dr. Medel, co-founder of MEDNAX, Inc., brings extensive experience in healthcare services, having led MEDNAX's growth to serve 25% of sick and premature infants in the U.S. His insights are expected to enhance OPKO’s strategic execution, as stated by Chairman Dr. Phillip Frost.
OPKO Health (NASDAQ: OPK) announced participation in three virtual investor conferences. Key events include the H.C. Wainwright 6th Annual Israel Virtual Conference on November 12, 2020, featuring a fireside chat at 9:00 a.m. ET. At the Jefferies 2020 Virtual London Healthcare Conference from November 17-19, OPKO will present on November 18 at 10:15 a.m. ET, with webcasts available afterward. Lastly, the Piper Sandler 32nd Annual Virtual Healthcare Conference will take place from December 1-3, 2020, also featuring a fireside chat and one-on-one meetings.
OPKO Health, Inc. (NASDAQ: OPK) reported strong financial results for the third quarter of 2020, achieving net income of $23.7 million ($0.04 per diluted share), significantly improving from a net loss of $62.0 million in Q3 2019. Revenues soared to $428.1 million, driven by a 61% increase in COVID-19 PCR testing, totaling approximately 3.5 million tests processed. The company also initiated a Phase 2 clinical trial for RAYALDEE to treat mild-to-moderate COVID-19. Notably, RAYALDEE prescriptions rose 13% year-over-year despite pandemic-related challenges.
BioReference Laboratories, part of OPKO Health (NASDAQ:OPK), has launched a multiplex test for COVID-19 and influenza A/B, now accepting specimens across the U.S. This innovative diagnostic tool is crucial for differentiating between these infections, especially as COVID-19 cases rise. The test allows healthcare providers to obtain results from a single sample, improving efficiency and conserving resources. Samples will be collected in supervised settings, not at BioReference Patient Service Centers. The initiative supports the identification of the correct infectious agent, aiding in effective patient management.
OPKO Health, Inc. (NASDAQ: OPK) will release its financial results for Q3 2020 on October 29, 2020, after U.S. market close. A conference call will follow at 4:30 p.m. Eastern Time, featuring management discussing operational updates and financial guidance. Interested participants can pre-register for the call or access it via a live audio webcast. For those unable to attend, a replay will be available. OPKO continues to focus on leveraging its expertise in the biopharmaceutical and diagnostics sectors.
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