Opko Health (OPK) is a $1.3B pharmaceutical and diagnostic company located in Miami, Florida. Opko’s new prostate cancer diagnostic test (4KScore) which was recently launched in Europe and will be in the US soon sounds great.
Yesterday, there was unusual options activity in OPK which we highlighted in this morning’s Daily Trader’s Outlook. In addition to the 1,600 OPK Oct 4 calls we mentioned, market participants bought 1,200 OPK Nov 4 calls and sold 1,000 OPK Nov 5 puts. This is bullish trading.
The 14 times unusual bullish volume yesterday spiked the net delta position into bullish territory for the first time since March. The volume represented nearly 50% of total open interest.
CEO Dr. Philip Frost has been buying steadily since October 2010. On Oct 2, the CEO bought $200K worth of stock. On Oct 3, he bought roughly $900K worth of stock for a total of roughly $1.5 million in the past three days. Since 2010, he has accumulated $90 million worth of stock. You read that right, 90 million dollars - talk about insider buying. Charts of his insider buying are shown below. The green dots represent buying. The first chart is the 6 month insider buying chart. The second chart shows the activity over two years.