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Frost’s Opko Plunges on Short Seller ‘Overvalued’ Call

Opko Health Inc., the Tel Aviv-traded drug developer headed by billionaire Phillip Frost, tumbled the most in five years after short seller Lakewood Capital Management said the stock is “grossly overvalued.”

Shares of the Miami-based company sank 15 percent to $9.81, paring its gain this year to 104 percent. The New York shares’ discount to the Tel Aviv stock widened to 43 cents, the most in two weeks. Shares slumped 12 percent to 36 shekels, or $10.24.