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Wednesday, May 25, 2022

Still Better Despite Recent Move Up? OPKO Health Inc. (OPK)

Opko Health Inc. (NASDAQ: OPK) recently released its first-quarter 2022 financial results. Demand for COVID-19 testing is no longer as robust as it was a year ago, thus the company’s revenue has decreased as projected.

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Despite this, OPK stock surged in value following the quarter’s results. One of the causes for the rise in prices was Opko Health’s potential purchase.

The first-quarter revenue of Opko Health was $329 million, up from $545 million the year before. However, Wall Street experts projected this drop, and Opko Health actually outperformed expectations.

The firm recorded a net loss of $55.4 million, or $0.08 per share, in the first quarter, which was in line with expectations. The major reason for the drop in income was the weakening of the pandemic’s impact, as testing is now less frequent and many nations have decreased epidemiological limitations and testing volumes to the greatest extent feasible.

As a result, the firm was in desperate need of a catalyst to help it develop over time. The $300 million acquisition of ModeX Therapeutics was the spark. ModeX is working on cancer and infectious disease immunotherapies. Even once the epidemic is over and COVID-19 tests are sold, such a purchase might benefit Opko Health. Top executives from both firms will now seek to boost sales of Opko Health and ModeX goods at the same time.

On March 10, the news of the transaction propelled Opko Health shares up more than 20% to $2.93 in trade. It’s worth noting that the corporation has already dropped more than 40% from its 52-week highs. The shares are expected to remain volatile, but the expansion of the targeted market is unquestionably positive.

In the last month, the stock has lost -13.82%, -8.15% in the last three months, and -29.74% in the last six months. OPK had a price volatility of 10.76% in the previous week and 6.66% in the previous month.

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