Piper Sandler raises Opko Health stock price target on LabCorp deal

Piper Sandler has increased its price target for Opko Health stock (NASDAQ: OPK) to $4.00, up from $3.00, while keeping an Overweight rating. The company's stock is trading at $1.66, up over 17% in the past week, and near its 52-week high of $1.75.

Opko Health recently sold its remaining BioReference laboratory testing business, including the 4Kscore test, to LabCorp for $722 million upon close, with an additional $150 million potential based on 4Kscore revenues. As of the second quarter of 2026, Opko Health had $314.4 million in cash and $349 million in debt. The company holds a strong current ratio of 3.35, indicating liquid assets exceed short-term obligations.

Opko Health's ModeX is conducting Phase I studies of various drugs, with data expected in late 2026 or early 2027. The company is also starting a Phase I study of subcutaneous oxyntomodulin analog OPK-88006, with data anticipated in the second half of 2027.

Opko Health reported solid Q2 2026 results, with total revenue of $163.6 million, a 4.3% increase year-over-year. Pharmaceuticals revenue grew by 5.4% to $42.9 million, while Rayaldee revenue reached $8.1 million, up from $7.2 million in Q2 2025. The company's loss per share was smaller than expected at $0.01, compared to the forecasted $0.08 loss, driven by improved performance in diagnostics and pharmaceutical businesses.