9.00, short term, but longer term no higher target but bullish. From Piper:
Piper Jaffray says shares of Array BioPharma are attractive at current levels ahead of Phase III data readouts for binimetinib in melanoma, selumetinib in Kras-mutant lung, thyroid and uveal melanoma, and filanesib in multiple myeloma. Piper sees the biggest overhang on Array shares as being the financing requirement and it notes that binimetinib could be returned to the company from current partner Novartis (NVS). Nonetheless, it feels investors should take a "serious look" at Array and keeps an Overweight rating on the stock with a $9 price target.
Frost is doing a 2 billion dollar share buy back program for Opko using his cash, not Opko's. So far their is another 1.5B in available cash to buy shares, lol. Opko's hemophilia drug looks to have an advantage over Biogen's newly approved drug. Biogen's injections are every 4 days, two indications, Opko's every 7 days, 4 indications, so broader applicability and less frequent dosage, a 7 billion dollar market according to Biogen.
over 18% on the puma news. Guess market is figuring if the puma pan-her worked the arry/onty will too. The arry/onty is only phase 1, arry does also own a phase2 so those drugs are about 3 years away. Arry is a 2015-2016 story, onty the same.
Puma news might get bigger pharma to kick the tires on onty, or arry.
Arry drugs in phase 1-2 using her1-her2 mechanism.
Arry has a couple phase studies using same technology as puma, one with onty, that is up 18-19% too.
Not sure but puma ( pbyi up 287% ) on her1, her2 inhibitor drug and Arry Mek drugs might have a similar mechanism aimed at shutting down cell growth mechanism. Someone with a better medical background than I have might clarify. I believe one of our mek drugs had similar results in phase 2 for at least one indication though most phase 3 studies here are a year or two from completion.
Under the terms of the agreement OPKO is eligible for payments of up to $121 million, including an up-front payment and additional payments based upon achievement of specified regulatory and commercialization milestones; and will receive double digit tiered-royalties on sales. TESARO and OPKO will share future profits from the commercialization of licensed products in Japan and OPKO will have an option to market the products in Latin America.
Last q when they reported their losses stock ended up for the week about .30, go figure, lol. Seems if you look at the past 12 quarters you will notice the stock trades up a quarter, down a quarter or no change. Might be no one is expecting a positive earnings number for a few more quarters, so losing a .10-.30 is inconsequential. The average range on earnings is roughly up/down .25 with an average more eod roughly .12/ plus or minus, but good luck with your short.
Not really, Opko hit 8 new all time highs in 15 sessions, it ran from 8.88 to 12.95, shorts piled on all the way until it broke through 10.00, and then they spiked it to 12.95. Most longs who missed buying during those 15 sessions got in around current levels or way lower than 8.88-12.95. I am sure a few like Frost added above 8.88 at that time, but my bet is the lions share of the move was that 7.5m drop in short interest. So those saying it will head to 14-18 likely had a cost basis nearer 5.50-8.50, 12.95 would have appeared as it was, an unsustainable spike, squeeze. Next time if it gets to 12.95 on news, it can run past it, but on a no news short squeeze, umm, not yet. Give it about 4 more months and we will see.
You are certainly using your own words, not mine. Why would anyone buy on what was an obvious short squeeze. If Opko bases for a few months be it 8.00, or 14.00, and looks to go higher then you add. Not on 27 Million volume over two days spiking the stock 3.00, you might, most INVESTORS knew what was up. Investors, those with a two three year time frame are not likely to buy on a spike, shorts can get forced to. That is exactly what happened. Longs were not, oh boy, up 3 bucks, let's jump in now.
Has nothing to do with outrageous, or perceived value, fact of what happened is easy to verify. It was a 4.00 short cover period, over a two week window, with a three day finale. There are shares holders in the 9.00-10.00 range NOW, back then in Oct, not many/none, shorts selling to shorts and all covering in a few days spiked the stock. Longs WERE NOT piling in at 12.95, or 12.84. As soon as Opko hit 10.00 ( A NEW HIGH ) 40Million shorts were ALL BURNT, they limited losses is ALL, in a few days. Pushing Opko from 9.97 ( new high ) to 10.50, ( new high ) to 12.84 ( new high ) to 12.95 ( new high ) in a couple days as short number plummeted.
This fact is why once Opko gets above 11.00 again there will be little resistance, there were not too many shares bought, just shorts licking their bleeding wounds. Also without the windfall Prolar dilution there will once again be no shares to short, ouch, double ouch.
Keep in mind, it might have been WAY more than 7.5 million shorts who were taken to the cleaners covering above 11.00-12.95, that is only the total at the end of period. With 33 million shares trading over that three day window, can you say ouch. More likely 20million 5.50 shorts got stopped or margin called, oh yah, Yes OUCH.
Yes they did, lost tons on their 5.50 short, ouch, ouch.
Any guesses? Was it under 3 minutes? Stock shooting from 9.97 to 12.84 like a rocket at the close, could happen again. Taking out the 10, 11, and 12 stop losses. Over crowded short position. First to cover wins.
8.26 to 12.95, all short covering, cannot cover without spiking the stock, they know it, we know it. Opko up in down market today, AIB shows 150k spiked to 350K shares, a 200k cover on only 800k volume. Over crowded position.
Well, most of us got the short term moves right, but not longer term 4-5 week move. Still looks like 5.40 is next support. No one wanted to hear that on June 19th, but without positive news, 5.40 looks inevitable.
Following the short interest, keep in mind, every 2-3m cover right now has moved the stock over 1.00-1.50, tenuous overcrowded position, and no way out. The plan, cover on no news, on down days, but the plan is not going to work all that well, patience, buy HOLD, is the best plan here. Next time shorts cover 10% of their position, 5m shares, Opko runs about 2.00, about 10.50.