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Phillip Frost, CEO and Chairman of OPKO Health, Inc. (NASDAQ:OPK), recently acquired a significant amount of the company's common stock. According to a recent SEC filing, Frost purchased 199,072 shares at a weighted average price of $1.534 per share. This transaction, which took place on November 29, 2024, amounted to a total investment of $305,376. According to InvestingPro data, this insider purchase aligns with broader management share buying activity, while analysts maintain a strong buy consensus with price targets ranging from $2.00 to $8.50.
The shares were acquired through Frost Gamma Investments Trust, of which Frost is the trustee. Following this transaction, Frost holds a total of 211,911,477 shares indirectly, in addition to 3,568,951 shares held directly. The purchase demonstrates a continued commitment by Frost to increase his stake in OPKO Health, a company known for its pharmaceutical preparations. With a market capitalization of $1.06 billion and a FAIR financial health rating from InvestingPro, the company maintains strong liquidity with a current ratio of 2.97. Subscribers to InvestingPro can access 8 additional key insights and a comprehensive Pro Research Report for deeper analysis of OPKO Health's financial position.
In other recent news, OPKO Health Inc. reported mixed financial results for the third quarter of 2024. The company revealed a decrease in quarterly revenue, however, it achieved a significant turnaround to a net income of $24.9 million. Notably, the company sold BioReference Health's clinical diagnostics assets for $237.5 million and witnessed growth in its 4K score test for prostate cancer and oncology testing volume.
OPKO's collaboration with Merck (NS:PROR) on an Epstein-Barr virus vaccine could potentially yield milestone payments of up to $872.5 million, and its partnership with Pfizer (NYSE:PFE) on the launch of NGENLA is gaining market traction. The company also repurchased 24 million shares under its share buyback program.
Despite lower testing volumes and external disruptions, future revenue projections for Q4 2024 are between $155 million and $160 million. OPKO is optimistic about achieving operational profitability by the end of 2024 and expects positive cash flow in 2025. These are some of the recent developments shaping the company's financial landscape.
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