Cocrystal Pharma Inc (OTCBB:COCP) declined more than 6% to close at $0.978 in last trading session. The high for the day was $1.10 while it made a low of $0.85. It touched its 52-week high of $1.17 on Wednesday’s trading session. The decline of 6% in last trading session can be called as a minor pullback after share prices posted gains of more than 50% in past one week.
The management focus
Investors returned to track performance of Cocrystal after it informed that Dr. Philip Frost will no longer serve as Chairman of Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA). He will now shift all attention on Opko Health Inc. (NYSE:OPK) and Cocrystal. These are the two companies where Frost is deeply interested in and wants to take them to new heights. Frost serves as a CEO of Opko and is a director of Cocrystal. He is also a member of insiders group who owns over 72% of Cocrystal’s shares outstanding.
Cocrystal share prices have surged more than 54% in just five trading sessions. The company is set to benefit from Frost’s full focus on company’s operations. Frost owns 22% stake in the company out of which 7% is owned by Opko and 14% by Frost Investments.
The key segment
Cocrystal is trying to capture the opportunities offered by the Hepatitis C antivirals segment. It has formed a dedicated team under the guidance of Raymond F Schinazi. He is the same person who founded Pharmasset and took it to new levels of success, following which it was purchased by Gilead Sciences, Inc. (NASDAQ:GILD) for an amount of $11 billion. Investors are expecting that Schinazi magic will work again. He contributed significantly in the success of HIV famous medication, known as Emtriva. Schinazi has extensive experience and expertise in the development of medications for Hepatitis C.