Phillip Frost (Insider Trades), CEO, chairman and 10% owner of OPKO Health Inc. (OPK, Financial), purchased 24,800 shares of the company on Oct. 10. The average price per share was $9.82, for a total transaction of $243,536.
OPKO Health is a health care company with a diagnostics business, Bio-Reference Laboratories, which is the third largest clinical laboratory with a core genetic testing business in the United States. OPKO Health has a market cap of $5.35 billion
Frost conducted all 36 insider trades, which total 384,400 shares, made in 2016 to date. Frost purchased 739,300 shares of OPK in 54 transactions since 2013, and 52% of his total transactions were made in 2016. There were no OPKO insider transactions in 2015, and only 4 insider transactions totaling 40,000 shares in 2014. There were only 2 insider sells of the company since 2013, both conducted in 2014. For more information about insider trades with OPKO, click here.
For the three months ended June 30, the company reported total revenues of $357.1 million. This is up from total revenue of $67.8 million reported in the previous year’s second quarter. Net income also increased from a net loss of $42.8 million, or nine cents per share, to net income of $15.5 million, or two cents per share when comparing the second quarters of 2015 and 2016, respectively. Frost attributes the company’s “improved financial performance,” in part to “continued growth in [the company’s] diagnostic business through increases in patient volume at BioReference Laboratories.” On Aug. 31, the company announced the completion of its previously announced acquisition of Transition Therapeutics Inc. (TTHI, Financial), which was approved by Transition Therapeutics’ shareholders at their meeting on Aug. 25. Transition Therapeutics shareholders will receive an aggregate of approximately 6.4 million shares of OPKO common stock, which equates to 0.1657 shares of OPKO common stock for each share of Transition Therapeutics common stock. Frost stated that the acquisition provided the company with “two late-stage drug candidates, each of which holds exceptional market opportunity and has direct synergies with [OPKO’s] clinical development pipeline.
According to GuruFocus, OPKO Health Inc. has a business predictability rank of 1 out of 5 stars. For more information about business predictability rank, click here.
Joel Greenblatt (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) both increased their stake in OPKO during the second quarter of 2016. Greenblatt purchased 237,306 shares of the company at an average per share price of $10.15, increasing the volume of his holding by 786.33%. The total estimated gain of the holding since the fourth quarter of 2015 is -6%. Jones newly acquired 27,173 shares of the company after previously selling out all 20,300 held shares at an average per share price of $9.04. For more information about guru transactions with OPKO, click here.
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