Barrington analyst Michael Petusky has maintained their bullish stance on OPK stock, giving a Buy rating on February 28.
Michael Petusky has given his Buy rating due to a combination of factors related to OPKO Health’s recent strategic decisions. The company announced the divestiture of its oncology testing and related assets to Labcorp, which is expected to streamline its operations and focus more on its core competencies in drug development. This transaction is anticipated to bring in substantial cash proceeds, which OPKO plans to use for share repurchases, funding research and development, and potentially pursuing mergers and acquisitions.
Furthermore, the divestiture is expected to improve OPKO’s financial standing by reducing its revenue run rate while maintaining profitable operations in its remaining lab services. Petusky views this move as a positive step that will enhance the company’s balance sheet and focus its business strategy. The price target for OPKO remains at $2.25, reflecting confidence in the company’s long-term development pipeline and its strategic direction.
In another report released on February 28, H.C. Wainwright also reiterated a Buy rating on the stock with a $3.00 price target.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OPK in relation to earlier this year.