Phillip Frost, the CEO and Chairman of OPKO Health, Inc. (NASDAQ:OPK), has recently acquired a substantial number of shares in the company. According to a recent SEC filing, Frost purchased 500,000 shares of OPKO Health common stock. InvestingPro data shows this aligns with broader management share purchases, as the company maintains a FAIR financial health score with strong liquidity metrics. The shares were bought at a weighted average price of $1.5621 per share, with the transaction totaling approximately $781,050. The purchases were made on December 11, 2024, through Frost Gamma Investments Trust, where Frost serves as a trustee. Following this transaction, Frost holds an indirect ownership of 212,411,477 shares in OPKO Health. With a current market capitalization of $1.08 billion and a current ratio of 2.97, the company's liquid assets comfortably exceed its short-term obligations. Get access to 8 more key insights about OPK with an InvestingPro subscription.
In other recent news, OPKO Health Inc. reported its Q3 2024 financial results, indicating a strategic focus on growth and profitability despite a decrease in quarterly revenue. The company's diagnostics and pharmaceuticals segments showed positive developments, with a significant turnaround to a net income of $24.9 million compared to the previous year's net loss. The sale of BioReference Health's clinical diagnostics assets for $237.5 million, the growth of the company's 4K score test for prostate cancer by 16%, and the increase in oncology testing volume by 6.8% were notable highlights.
Additionally, OPKO's collaboration with Merck (NS:PROR) on an Epstein-Barr virus vaccine could potentially lead to milestone payments of up to $872.5 million. Pfizer (NYSE:PFE)'s launch of NGENLA, in partnership with OPKO, is gaining market traction. The company also repurchased 24 million shares for $37.3 million under its share buyback program.
However, Q3 2024 revenue decreased to $121.3 million from $131.7 million in Q3 2023, primarily due to lower testing volumes and external disruptions. Future revenue projections for Q4 2024 are between $155 million and $160 million, with operational profitability anticipated by year-end. These are among the recent developments for OPKO Health.
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