Why Opko Health Rose 15% Yesterday
By Margaret PatrickSep 18, 2018 | 8:05 AM
Opko Health stock price movements
On September 7, the Securities and Exchange Commission (or SEC) announced that it would be filing charges against Opko Health’s (OPK) founder and CEO, Phillip Frost, and ten associated entities including Opko Health and Frost Gamma Investments Trust for indulging in fraudulent schemes to manipulate stock prices of certain companies. The agency claimed that a group of microcap fraudsters used classic pump-and-dump schemes and illegal promotional means to artificially inflate the stock prices of MabVax Therapeutics Holdings and BioZone Pharmaceuticals, which subsequently led to $27 million worth of illegal stock sales. The SEC found Philip Frost party to two of the three such fraud schemes that had an adverse impact on retail investors.
Following these allegations, Opko Health stock fell 18.06% to $4.58 on September 7. Afterward, Nasdaq halted the trading of the stock and requested additional information from the company related to the SEC’s lawsuit. On September 14, Opko Health finally announced the resumption of its trading on the stock exchange. Since then, Opko Health stock has jumped by 15% from $3.90 on September 14 to $4.49 on September 17, mainly due to increasing interest from investors who expect the company’s stock price to revert back to growth in future months. This renewed activity is attributable to the fact that the SEC lawsuit doesn’t pertain to Opko Health’s financial reporting or business practices.
Analysts’ recommendations for Opko Health
The overall analyst sentiment for Opko Health on September 18 seems to be the same as it was last month. The 12-month consensus analyst recommendation for the company is a “buy.”
Of the six analysts covering Opko Health in September 2018, two have recommended the company as a “strong buy,” two have recommended it as a “buy,” one has recommended it as a “hold,” and one has recommended it as a “sell.”
Wall Street analysts have given a 12-month consensus target price for Opko Health of $12.1, which would be a 169.79% increase over the company’s closing price on September 17.
By Margaret PatrickSep 18, 2018 | 8:05 AM
Opko Health stock price movements
On September 7, the Securities and Exchange Commission (or SEC) announced that it would be filing charges against Opko Health’s (OPK) founder and CEO, Phillip Frost, and ten associated entities including Opko Health and Frost Gamma Investments Trust for indulging in fraudulent schemes to manipulate stock prices of certain companies. The agency claimed that a group of microcap fraudsters used classic pump-and-dump schemes and illegal promotional means to artificially inflate the stock prices of MabVax Therapeutics Holdings and BioZone Pharmaceuticals, which subsequently led to $27 million worth of illegal stock sales. The SEC found Philip Frost party to two of the three such fraud schemes that had an adverse impact on retail investors.
Following these allegations, Opko Health stock fell 18.06% to $4.58 on September 7. Afterward, Nasdaq halted the trading of the stock and requested additional information from the company related to the SEC’s lawsuit. On September 14, Opko Health finally announced the resumption of its trading on the stock exchange. Since then, Opko Health stock has jumped by 15% from $3.90 on September 14 to $4.49 on September 17, mainly due to increasing interest from investors who expect the company’s stock price to revert back to growth in future months. This renewed activity is attributable to the fact that the SEC lawsuit doesn’t pertain to Opko Health’s financial reporting or business practices.
Analysts’ recommendations for Opko Health
The overall analyst sentiment for Opko Health on September 18 seems to be the same as it was last month. The 12-month consensus analyst recommendation for the company is a “buy.”
Of the six analysts covering Opko Health in September 2018, two have recommended the company as a “strong buy,” two have recommended it as a “buy,” one has recommended it as a “hold,” and one has recommended it as a “sell.”
Wall Street analysts have given a 12-month consensus target price for Opko Health of $12.1, which would be a 169.79% increase over the company’s closing price on September 17.