Opko Health Inc. (NASDAQ:OPK) announces it has entered into agreements with several large Medicare Part D plan sponsors, including the largest Medicare Part D plan, and additional commercial insurance plans for reimbursement of RAYALDEE® (extended-release calcifediol), which expands the percentage of insured lives with access to RAYALDEE to approximately 68% as of June 1, 2017.
OPKO’s plans for expansion to 70 field based nephrology sales representatives is proceeding by expanding in selective geographic areas as reimbursement coverage is secured. More extensive formulary coverage across Medicare Part D and commercial plans and the larger sales force will support continuing growth of RAYALDEE and provide greater access for adults with secondary hyperparathyroidism (SHPT), with stage 3 or 4 chronic kidney disease (CKD) and vitamin D insufficiency.
RAYALDEE is an extended-release prohormone of the active form of vitamin D3 that is the first and only such therapy approved by the U.S. Food and Drug Administration (FDA) that both raises 25-hydroxyvitamin D and lowers intact parathyroid hormone (iPTH) levels with a safety profile similar to placebo.1 RAYALDEE is indicated for the treatment of SHPT in adults with stage 3 or 4 chronic kidney disease (CKD) and serum total 25-hydroxyvitamin D less than 30 ng/mL.
“We are particularly pleased to have RAYALDEE covered by an increasing number of Medicare Part D plan sponsors as a large percentage of SHPT patients with CKD Stage 3 or 4 are Medicare beneficiaries. The additional coverage recognizes the potential benefits of RAYALDEE in this patient population and should enhance our commercial efforts as we seek to fill the treatment void for this large unmet medical need,” noted Phillip Frost, MD Chairman and CEO of OPKO.
On the ratings front, OPK stock has been the subject of a number of recent research reports. In a report issued on May 9, Jefferies analyst Eun Yang reiterated a Hold rating on OPK, with a price target of $8, which implies an upside of 21% from current levels. Separately, on March 14, Guggenheim’s Louise Chen initiated coverage with a Buy rating on the stock and has a price target of $25.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Eun Yang and Louise Chen have a yearly average return of 2.3% and a loss of 15.6% respectively. Yang has a success rate of 47% and is ranked #1405 out of 4579 analysts, while Chen has a success rate of 31% and is ranked #4500.
OPKO Health, Inc. is a diversified healthcare company. It operates through Diagnostics, and Pharmaceutical segments. The Diagnostics segment is consists of the pharmaceutical operates that the company acquired in Chile, Mexico, Ireland, Israel, and Spain and its pharmaceutical research and development operations. The Diagnostics segment is primarily comprised of the clinical and laboratory operations tit acquired through the acquisition of Bio-Reference and OPKO Lab and its point-of-care operations.