(NEW YORK)-- OPKO Health (NASDAQ: OPK) looks set for strong opening Monday morning as company moves forward with their own test kits for the novel coronavirus (2019-nCoV), a contagious virus that causes respiratory infection and has shown evidence of human-to-human transmission.
Through its subsidiary, BioReference Laboratories, OPK expects to receive specimens for testing this coming week, which could potentially spell a big week for OPK traders.
OPK Favored for US Approval
BioReference has an extensive network of patient service centers and a national logistic network, and has collaborated with the U.S. Centers for Disease Control and Prevention, the World Health Organization and other public health agencies to help identify and develop diagnostic tests for emerging infectious diseases. www.bioreference.com/coronavirus
For this very reason OPK looks to be favorite to have their test kits approved by regulators based on their past experience, but more importantly their national infrastructure of testing facilities across the US.
Hedge on Falling Market
Finally, markets look to continue their volatility this coming week from not only continued spread of coronavirus, but also sharp drop in oil market after collapse in OPEC meeting over the weekend.
look for even more money to flow into coronavirus related plays this week, which could really set the stage for possible sharp pre-market open for OPK Monday morning as trading week kicks off.
OPK experience record volume on Friday March 6th, and things look to even heat up more this coming trading week as investors rush in to take positions before any potential news of test kit testing, and CDC. The stock looks to have no resistance until around the $4.00 range, which is broken could send the stock up to test $6.00 on any positive news regarding their test kits.
Coronavirus Stock on Watch
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About BioReference Laboratories, Inc.
BioReference provides comprehensive testing to physicians, clinics, hospitals, employers, government units, correctional institutions and medical groups. The company is in network with the five largest health plans in the United States, operates a network of 10 laboratory locations, and is backed by a medical staff of more than 160 MD, PhD and other professional level clinicians and scientists. For more information, visit www.bioreference.com
About OPKO Health
OPKO Health is a diversified healthcare company. In diagnostics, its BioReference Laboratories is one of the nation's largest full-service clinical laboratories; GeneDx is a rapidly growing genetic testing business; the 4Kscore® test is used to assess a patient's individual risk for aggressive prostate cancer following an elevated PSA and to help decide about next steps such as prostate biopsy; Claros® 1 is a point-of-care diagnostics platform with a total PSA test approved by the FDA. In our pharmaceutical pipeline, RAYALDEE is our first pharmaceutical product to be marketed. OPK88003, a once-weekly oxyntomodulin for type 2 diabetes and obesity - reported positive data from a Phase 2 clinical trial. It's among a new class of GLP-1/glucagon receptor dual agonists. OPK88004, a SARM (selective androgen receptor modulator) is currently being studied for various potential indications. The Company's most advanced product utilizing its CTP technology, a once-weekly human growth hormone for injection, successfully met its primary endpoint and key secondary endpoints in a Phase 3 study and is partnered with Pfizer. OPKO also has research, development, production and distribution facilities abroad.
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