OPKO Health (OPK): Shares To Trade Lower On Reimbursement Concerns - Jefferies
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Jefferies analyst, Brandon Couillard, reiterated his Hold rating on shares of Opko Health (NASDAQ: OPK) along with a price target of $10. Palmetto posted a final LCD for OPK's 4Kscore prostate cancer test that argued against Medicare coverage.
The analyst believes that Palmetto's no-coverage decision is a major setback for 4K which had been perceived as a key near term growth driver. Going one step further, the analyst thinks that Palmetto's clout in the Dx space will cause OPK's local MAC (Novitas) to follow suit.
Without Medicare, 4K's commercial pathway from here is unclear.
Shares of Opko Health closed at $10.43 yesterday.
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