Opko health CEO Phillip Frost buys $220,425 in common stock

Phillip Frost, the CEO and Chairman of OPKO Health, Inc. (NASDAQ:OPK), has recently increased his stake in the company. According to a Form 4 filing with the Securities and Exchange Commission, Frost purchased 150,000 shares of OPKO Health common stock. The shares were acquired at a weighted average price of $1.4695, with the total transaction valued at approximately $220,425. This insider purchase comes as the company, currently valued at nearly $1 billion, has seen its stock rise about 49% over the past year despite showing volatile price movements.

Frost's purchase was made through Frost Gamma Investments Trust, where he serves as trustee. Following this transaction, Frost's indirect ownership through the trust stands at 213,186,477 shares. Additionally, he holds direct ownership of 3,568,951 shares and indirect ownership of 30,127,177 shares through Frost Nevada Investments Trust. According to InvestingPro, management's aggressive share buybacks align with positive expectations, as analysts forecast the company to return to profitability this year.

The transaction highlights Frost's continued confidence in OPKO Health, where he plays a significant role as a major shareholder, director, and officer. Based on InvestingPro's Fair Value analysis, the stock appears to be trading near its fair value, with 8 additional key insights available to subscribers through the comprehensive Pro Research Report.

In other recent news, Opko Health (NASDAQ:OPK) has seen notable activity on multiple fronts. The company's Q3 2024 financial results marked a shift towards profitability, reporting a net income of $24.9 million, a significant turnaround from the previous year's net loss. This improvement was achieved despite a decrease in revenue, from $131.7 million in Q3 2023 to $121.3 million in Q3 2024.

Furthermore, Opko Health's subsidiary, ModeX Therapeutics, has begun its Phase 1 trial for the Epstein-Barr virus (EBV) vaccine candidate, MDX2201. This move has triggered a cash milestone payment from Merck (NS:PROR) to ModeX, the amount of which remains undisclosed. The trial aims to assess the safety and tolerability of MDX2201 in up to 200 healthy adults.

In addition to these developments, H.C. Wainwright analyst Yi Chen has maintained a Buy rating on Opko Health shares, reflecting the potential market opportunity for MDX2201. The company's recent sale of BioReference Health's clinical diagnostics assets for $237.5 million, 16% growth in the 4K score test for prostate cancer, and a 6.8% increase in oncology testing volume further underscore these recent developments. Lastly, Opko Health's collaboration with Pfizer (NYSE:PFE) on the launch of NGENLA is gaining market traction.

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