OPKO Health Inc. (NASDAQ: OPK) Stocks Rises After They Announced COVID-19 Testing

OPKO Health Inc. [NASDAQ: OPK] has decided to partner with the New York state department of Health to provide a testing facility of COVID-19 in New Rochelle, NY. OPK’s stocks rise 45% in premarket trading on Friday.

OPK had a trading volume of roughly $57.18 million compared to its average volume of $16.84 million. OPK shared went up by 15.52%. OPK had a previous day low range of $1.61 and day high range of $2.18. OPKO Health Inc has a 52-week low range of $1.33 and a high range of about $2.91. OPK has a total market cap of roughly $1.10 billion.

BioReference Laboratories Inc., the subsidiary of OPKO Health Inc. is now starting collecting samples for the testing of COVID-19 all over the United States. BioReference also providing up to 5,000 testing a day. Other testing sites will be put in place next week.

At least 325 cases of novel coronavirus are confirmed in New York, and 148 of those cases are reported in Westchester County.  Coronavirus cases has reached 125,000 globally and the death toll rises to 4,000.

OPKO has acquired BioReference in 2015, is one of the largest commercial labs in the country. It runs 40,000 tests daily for various diseases, including rare ones. The company has labs in New Jersey, Texas, and Melbourne.

The high price target for OPK is $4.00 and the low price target for OPK is $2.50. There are currently 3 buy ratings for the stock, resulting in a consensus rating of ‘Buy’.

OPKO Health, Inc. is a healthcare company, involves in the diagnostics and medicines business in the US, Ireland, Chile, Spain, Israel, Mexico, and internationally. The company’s Diagnostics sector runs BioReference Laboratories. BioReference is a clinical laboratory that offers laboratory testing services.