Opko Health price target lowered to $3 from $5 at Piper Sandler

Piper Sandler lowered the firm’s price target on Opko Health (OPK) to $3 from $5 and keeps an Overweight rating on the shares. The firm notes Opko took down a new $250M note from HealthCare Royalty at 11.5% secured by NGENLA profit share. On June 28th, OPKO sold 1.37M GeneDx (WGS) shares for $36.5 million. Assuming close of the sale of BioReference diagnostic businesses to LabCorp, the firm estimates Opko now has pro forma cash of about $600M and long-term debt of $600M.