Opko Health Inc. (NASDAQ:OPK) announces that at a Special Shareholder Meeting held on August 25, 2016, shareholders of Transition Therapeutics, Inc. (NASDAQ:TTHI) holding approximately 93% of the outstanding common shares, voted to approve the previously announced agreement under which OPKO Health will acquire Transition Therapeutics. The acquisition is subject to final approval of the Ontario Superior Court Justice (the “Court”). The Court hearing for the final order is scheduled to take place on August 29, 2016, and the acquisition is expected to close on September 1, 2016.
“We are pleased with this vote of confidence from the Transition Therapeutics shareholders as it underscores their confidence in our ability to leverage the potential of Transition Therapeutics’ clinical programs and the opportunity for shareholders of Transition Therapeutics to participate in the continued growth and development of OPKO’s strong pipeline,” said Phillip Frost, M.D., CEO and Chairman of OPKO Health. “This acquisition provides OPKO with two late stage drug candidates, each of which holds exceptional market potential and complements OPKO’s development pipeline.” (Original Source)
Shares of Opko Health are up nearly 1.5% to $9.16 in pre-market trading. OPK has a 1-year high of $10.54 and a 1-year low of $8.71. The stock’s 50-day moving average is $9.94 and its 200-day moving average is $9.96.
On the ratings front, Opko Health has been the subject of a number of recent research reports. In a report issued on August 16, Jefferies Co. analyst Brandon Couillard reiterated a Hold rating on OPK. Separately, on August 9, J.P. Morgan’s Dana Flanders reiterated a Buy rating on the stock and has a price target of $14.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brandon Couillard and Dana Flanders have a total average return of 14.1% and -1.1% respectively. Couillard has a success rate of 68.9% and is ranked #152 out of 4024 analysts, while Flanders has a success rate of 33.3% and is ranked #2838.
Overall, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $18.00 which is 99.3% above where the stock closed yesterday.
OPKO Health, Inc. is a multi-national pharmaceutical and diagnostics company. The company is engaged in discovering, developing, commercializing and expertise its novel and proprietary technologies with a focus to provide unmet medical needs through a range of develops solutions to diagnose, treat and prevent various conditions, including molecular diagnostics, point-of-care tests and proprietary pharmaceuticals and vaccines. It operates its business through two segments: Pharmaceutical and Diagnostics. The Pharmaceutical segment consists of pharmaceutical research and development operations in Chile, Mexico, Ireland, Israel and Spain. The Diagnostics segment consists of pathology operations and point-of-care and molecular diagnostics operations.