OPKO Health (NASDAQ:OPK) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

OPKO Health, Inc. (NASDAQ:OPK)’s stock price crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $1.51 and traded as low as $1.32. OPKO Health shares last traded at $1.32, with a volume of 1,558,413 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OPK. Zacks Research raised shares of OPKO Health from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. HC Wainwright reaffirmed a “buy” rating on shares of OPKO Health in a report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of OPKO Health in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $1.55.

OPKO Health Stock Performance

The firm has a market capitalization of $985.16 million, a PE ratio of -14.67 and a beta of 1.51. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.35 and a quick ratio of 2.93. The stock has a 50-day moving average price of $1.51 and a 200-day moving average price of $1.37.

OPKO Health (NASDAQ:OPK) last released its quarterly earnings results on Monday, July 27th. The biotechnology company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.07. The business had revenue of $163.58 million for the quarter, compared to analysts’ expectations of $131.23 million. OPKO Health had a negative return on equity of 5.88% and a negative net margin of 12.40%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.19) earnings per share. On average, research analysts expect that OPKO Health, Inc. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On OPKO Health

A number of institutional investors have recently made changes to their positions in OPK. BlackRock Inc. acquired a new stake in shares of OPKO Health during the second quarter worth approximately $55,468,000. AWM Investment Company Inc. bought a new stake in shares of OPKO Health in the second quarter worth $3,165,000. Bank of New York Mellon Corp bought a new stake in shares of OPKO Health in the second quarter worth $1,995,000. Bank of America Corp DE raised its holdings in OPKO Health by 80.0% in the first quarter. Bank of America Corp DE now owns 1,141,849 shares of the biotechnology company’s stock valued at $1,302,000 after acquiring an additional 507,590 shares in the last quarter. Finally, OP Asset Management Ltd acquired a new stake in OPKO Health in the first quarter valued at $1,257,000. 64.63% of the stock is owned by institutional investors and hedge funds.

About OPKO Health

OPKO Health, Inc is a healthcare company focused on diagnostics and pharmaceuticals. Through its diagnostics businesses, the company provides laboratory services and specialized tests intended to support the detection, diagnosis and management of disease. Its operations include BioReference Health, a clinical laboratory business serving physicians, hospitals, employers and patients, as well as the 4Kscore test, which helps assess the risk of aggressive prostate cancer.

OPKO’s pharmaceutical business develops and commercializes treatments for conditions including kidney disease, endocrine disorders and growth-related conditions.