Opko Health Inc. (NYSE:OPK) announces that Novitas Solutions has issued a draft local coverage determination for the 4Kscore® Test, the only blood test that accurately identifies an individual patient’s risk for high-grade, aggressive prostate cancer. Novitas Solutions is a Medicare Administrative Contractor (MAC) for Medicare jurisdictions L and H, with responsibility for nearly 10 million Medicare beneficiaries in New Jersey, Pennsylvania, Maryland, the District of Columbia and Texas, among other geographies.
The draft local coverage determination is posted to the Medicare Coverage Database on the Centers for Medicare & Medicaid Services (CMS) website, and proposes to establish reimbursement coverage for patients with PSA levels > 3 ng/mL who have not yet had a biopsy, or patients with a PSA level of > 3 ng/mL who have had at least one prior negative biopsy and are considered to be at higher risk.
“This first MAC determination is a major milestone for the 4Kscore Test as it expands access to a potentially life-saving tool,” said Phillip Frost, M.D.,OPKO’s Chairman and Chief Executive Officer. “We believe this decision by Novitas will help accelerate further coverage decisions by other payers, and will encourage adoption of the 4Kscore Test by physicians and patients. More importantly, it will allow broader access to this important test, which can assist patients and physicians in further defining a patient’s risk of having a high-grade prostate cancer that requires immediate or aggressive treatment.” (Original Source)
Shares of Opko Health closed yesterday at $10.43, down -0.11 or -1.04%. OPK has a 1-year high of $19.20 and a 1-year low of $7.12. The stock’s 50-day moving average is $10.48 and its 200-day moving average is $9.91.
On the ratings front, Opko has been the subject of a number of recent research reports. In a report issued on May 9, Oppenheimer analyst Rohit Vanjani reiterated a Hold rating on OPK. Separately, on April 27, Ladenburg Thalmann’s Kevin Degeeter maintained a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rohit Vanjani and Kevin Degeeter have a total average return of 9.1% and 21.0% respectively. Vanjani has a success rate of 51.4% and is ranked #297 out of 3869 analysts, while Degeeter has a success rate of 59.1% and is ranked #201.
Overall, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating on the stock. When considering if perhaps the stock is under or overvalued, the average price target is $15.67 which is 50% 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.