HomeTop MoversHere is why OPKO Health Inc. (OPK) stock plunged on Thursday?

Here is why OPKO Health Inc. (OPK) stock plunged on Thursday?

OPKO Health Inc. (OPK) shares lost 7.24% in after-hours on Thursday, July 29, 2021, and closed the daily trading at $3.46 per share. in the regular trading session on Thursday, OPK’s stock declined 4.11%. OPK shares have fallen 35.58% over the last 12 months, and they have moved up 1.36% in the past week. Over the past three months, the stock has lost 9.25%, while over the past six months, it has shed 30.67%. The company has a current market of $2.53 billion and its outstanding shares stood at 640.85 million.

Let’s have a look at its recent news and developments

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OPK Recent financial results announcement

On July 29, 2021, OPKO Health, Inc (OPK) released its financial results for the three months ended June 30, 2021.

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Q2 2021 financial highlights

  • OPKO Health reported total revenue of $442.4 million in Q2 2021 compared with $301.2 million inQ2 2020.
  • Operating income was $5.6 million in Q2 2021 compared with operating income of $27.2 million in Q2 2020.
  • Total cost and expenses were $436.8 million in Q2 2021 compared to $274 million in Q2 2020.
  • OPK suffered a net loss of $16.2 million, or $0.03 per share in Q2 2021 compared with net income of $33.7 million, or $0.05 per diluted share, for the comparable period of 2020.
  • As of June 30, 2021, the company had cash, cash equivalents, and marketable securities of $65.8 million.

OPK worldwide exclusive agreement with CAMP4 Therapeutics

On July 12, 2021, OPKO Health, Inc. (OPK)  entered into an exclusive worldwide agreement with privately-held CAMP4 Therapeutics Corporation (CAMP4) for the development, manufacture, and commercialization of therapeutics utilizing the AntagoNAT technology, an oligonucleotide platform developed under OPKO CURNA.

AntagoNATs are oligonucleotide compounds that target non-coding natural antisense transcripts leading to an upregulation of a desired functional protein. CAMP4 has prioritized OPKO’s lead AntagoNAT compound to progress into clinical trials for the treatment of Dravet syndrome.

OPK participation in the recent investor conference

OPKO Health, Inc recently participated in the Ladenburg Thalmann Healthcare Conference which was held virtually on July 13-14, 2021.

The company’s management participated in a fireside chat and had one-on-one meetings with investors throughout the event.

OPKO subsidiary deal with Nicoya Macau Limited

On June 28, 2021, EirGen Pharma which is a subsidiary of OPKO Health, Inc, signed a deal with Nicoya Macau Limited for the development and commercialization of RAYALDEE in Greater China.

RAYALDEE is used to treat secondary hyperparathyroidism (SHPT) in stage 3 or 4 chronic kidney disease (CKD) patients. This agreement is expected to bring an innovative solution to patients across mainland China, Hong Kong, Macau, and Taiwan.

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The financial results announcement was the reason behind OPK loss on Thursday and it may continue its negative momentum on Friday as well.

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