Boston, MA 10/04/2013 (wallstreetpr) – If you have invested your hard earned money in Opko Health Inc. (NYSE:OPK), you would be glad to hear this news. Company’s CEO Phillip Frost is still gung ho about company’s future and has restarted buying shares of OPKO Health. He started this trend in 2007.
As chief of a company having multi-national presence in pharmaceutical and diagnostics space, Phillip now owns approximately 1.35 billion dollars worth of company’s stock. This amounts to almost 40% of his personal portfolio.
So what is it that is driving Phillip to acquire loads and loads of his company’s stock? Very first thing which comes to mind is Phillip’s habit of successfully investing in companies he heads. He also has a knack of selling them of at huge profits in the end. And this is what worries the market every now and then. Though company’s share prices have almost doubled in last one year from $4.50 to current $9.80, the CEO has been steadily accumulating shares of the company as if there is no tomorrow.
But market did take a negative view of the company when Phillip stopped his regular purchase of company stocks in July. Some traders said that it was possible that company might have become grossly overvalued and hence the stoppage in purchase. Another group of speculators were of view that Phillips may have decided to sell his stake (or company) in near future. But it seems that both cases are not going to see light of the day as he has once again commenced buying.
Last year has been an acquisition heavy year for OPKO as company completed about 6 takeovers to make its product line more robust. And with latest one being of Prolor Biotech, it is very much possible that halt in stock purchases was because Phillips had significant stakes in both OPKO and Prolor.
