OPKO Health (OPK) Rebounds after Addressing Insider Selling Concerns

February 8, 2013 3:33 PM EST
OPKO Health, Inc. (NYSE: OPK) has nearly halved earlier losses after issuing a statement mid-day regarding the sale of Company common stock by Mr. Adam E. Logal, OPKO's Vice President, Chief Accounting Officer and Treasurer.

An earlier blog post at SeekingAlpha raised concerns about insider selling.

OPKO clarified that no other Company officer has exercised common stock options or sold any shares of Company common stock during the last twelve months and that the nominal exercise of 50,000 common stock options and sale of such common stock by Mr. Logal was done to address pressing family circumstances. No other sales by Company officers or insiders are currently contemplated. Further, Dr. Phillip Frost, the Company’s Chairman and Chief Executive Officer, purchased a total of 11,218,067 shares of the Company’s common stock during 2012 and has purchased a total of 383,500 shares of the Company’s common stock so far during 2013. Dr. Frost, along with other Company officers and insiders, also invested in the Company’s recently completed $175 million convertible debt offering.

Shares of OPKO are down 5 percent into the close, but well off the lows.

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