Opko Health Inc. (NASDAQ:OPK) announces that it has completed its previously announced acquisition of Transition Therapeutics, Inc. (NASDAQ: TTHI, TSX: TTH), by way of a plan of arrangement (the “Arrangement”) which was approved by Transition Therapeutics’ shareholders at their meeting held on August 25, 2016. Pursuant to the Arrangement, shareholders of Transition Therapeutics will receive an aggregate of approximately 6.4 million shares of OPKO common stock, or 0.1657 shares of OPKO common stock for each common share of Transition Therapeutics. The Arrangement was approved by the Ontario Superior Court of Justice in its final order dated August 29, 2016.
“We are pleased to complete the acquisition of Transition Therapeutics as it provides us with two late-stage drug candidates, each of which holds exceptional market opportunity and has direct synergies with our clinical development pipeline,” said Phillip Frost, M.D., CEO and Chairman of OPKO Health. “With the transaction complete, we look forward to advancing these promising programs to the benefit of patients suffering from Type II diabetes and obesity or certain male hormone related problems.” (Original Source)
Shares of Opko Health closed yesterday at $9.33, up $0.05 or 0.54%. 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 $9.95 and its 200-day moving average is $10.04.
On the ratings front, OPK has been the subject of a number of recent research reports. In a report issued on August 16, Jefferies analyst Brandon Couillard reiterated a Hold rating on the stock. Separately, on August 9, J.P. Morgan’s Dana Flanders reiterated a Buy rating on OPK 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 69% and is ranked #152 out of 4129 analysts, while Flanders has a success rate of 33% and is ranked #2840.
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 92.9% 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.