Opko Health climbs on stock buyback plan

OPKO Health

18/07/2024 14:22

** Shares of Opko Health  OPK.O  up 8.4% premarket to $1.54,
highest since beginning of 2024, as biopharma and diagnostics
firm plans to buy back stock
    ** Co announces $100 mln share repurchase program expected
to be funded from existing cash and future cash flows
    ** With ~697 mln shares outstanding, co has ~$990 mln market
cap as of Weds
    ** “We believe OPKO’s shares are significantly undervalued
and offer an attractive investment opportunity. Buying back
shares supports our conviction in OPKO’s strategy as we continue
to advance our pipeline in the clinic and streamline our
diagnostic segment on a path to profitability,” CEO Phillip
Frost said in statement
    ** Through Weds, OPK shares off 6% YTD. They closed at $2.17
a year ago
    ** Avg rating among 6 analysts covering OPK is "strongbuy"
with median PT of $3, per LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))