Get the Latest Investment Ideas Delivered Straight to Your Inbox.

TICKERS: OPK

OPKO Health Partners with NY State Health Dept. to Create COVID-19 Drive-Thru Testing Facility

Source:

OPKO Health shares traded more than 30% higher after the company reported its subsidiary BioReference Laboratories has formed a partnership with the N.Y. State Department of Health to provide COVID-19 testing for the first public drive-through testing facility on the East Coast.

OPKO Health Inc. (OPK:NYSE) today announced that its BioReference Laboratories Inc. business unit is "now accepting specimens for testing of coronavirus disease (COVID-19) from healthcare providers, clinics and health systems throughout the U.S. The company additionally reported that BioReference has established a partnership with the New York State Department of Health to offer testing at the first public drive-through testing facility on the East Coast. The firm stated that the facility will be located in New Rochelle, N.Y., and that it expects to begin offering up to 5,000 tests daily at other satellite testing sites starting next week.

BioReference Laboratories' Executive Chairman Jon R. Cohen, M.D., commented, "Cases of COVID-19 are increasing across the U.S., making access to testing a critical component in helping healthcare providers identify infected patients more quickly. BioReference has been working expeditiously to develop and offer this test that will yield high-quality and accurate results...I believe that the private sector should be part of the solution in controlling the COVID-19 outbreak and am proud that BioReference can assist Governor Cuomo as he leads N.Y. State through this crisis."

The company states that BioReference Labs provides comprehensive testing services for medical groups, employers, government and other institutions. The company operates a network of 10 laboratory locations, and has medical staff support of greater than 160 medical doctors, Ph.D.s and other professional level scientists and clinicians and participates in network with the five largest health plans in the U.S.

OPKO Health is a diversified healthcare company that operates in the areas of diagnostics, genetic testing and pharmaceutical development and marketing, the company stated.

OPKO Health has a market capitalization of around $951.2 million with approximately 669.8 million shares outstanding and a short interest of about 12.5%. OPK shares opened more than 15% higher today at $1.64 (+$0.22, +15.49%) over yesterday's $1.42 closing price. The stock has traded today between $1.61 and 2.18 per share and is currently trading at $1.90 (+$0.48, +33.68%).

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.




Learn More about Which Online Broker is Right for You?

Want to read more about Life Sciences Tools & Diagnostics and Healthcare Services investment ideas?
Get Our Streetwise Reports Life Sciences Report Newsletter Free and be the first to know!

A valid email address is required to subscribe