Opko’s BioReference Lab Begins Covid-19 Testing At NYC Schools

BioReference Laboratories, a wholly-owned subsidiary of Opko Health, has commenced its COVID-19 testing program for New York City public schools. The testing will be conducted throughout the 2020-2021 school year.

The COVID-19 molecular testing program being conducted by Opko’s (OPK) BioReference Laboratories for NYC schools is part of a strategic collaboration with New York City, the Department of Health, New York City Health and Hospital Corporation, the Test & Trace Corp, and the Department of Education.

Aside from COVID-19 testing, Opko stated that BioReference is also collecting specimens from principals, teachers, administration and students from over 950 schools across NYC.

On Sept. 15, OPKO Health announced that it initiated a Phase 2 trial of Rayaldee as a treatment for mild-to-moderate COVID-19. The company stated that the trial will be conducted at multiple COVID-19 outpatient clinics in the US and it expects to report topline results from this Phase 2 trial before the end of this year. (See OPK stock analysis on TipRanks)

Last month, Barrington analyst Michael Petusky reiterated a Buy rating for Opko Health with a price target of $7, saying, “OPKO’s lab business has greatly benefitted from its ability to land COVID‐19 related PCR [polymerase chain reaction] and antibody serology testing agreements since the crisis began to impact the U.S. in Q1.”

“To date, the company has provided COVID‐19 testing to the general public through its relationships with several states and cities, has signed major partnerships with Rite Aid and CVS, and also has secured several high profile deals with major sports organizations including the NFL, the NBA and Major League Soccer.”  

Indeed, analysts are unanimously bullish on Opko Health. The Street’s Strong Buy consensus is based on 4 recent Buys. The stock has surged by a stellar 214% year-to-date and the average analyst price target of $8 indicates a further upside potential of 73% from the current levels.

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