A great deal of (digital) ink has been spilled by insider-focused analysts trying to determine what Dr. Phil Frost is up to. He's chairman of Opko Health ( OPK) and has been buying large sums of stock almost every month for more than a year. Frost sold Ivax Pharmaceuticals to Teva Pharmaceuticals ( TEVA) for $7.4 billion back in 2006. Ivax had built an impressive roster of top-selling generic drugs, and it was pretty clear why Teva would pay such a stiff price tag. >>Health Care Stocks Bought and Sold by Hedge Funds Opko's story isn't quite so clear-cut. The company is casting a wide net, targeting vaccines, diagnostic tests, treatments for infectious diseases, asthma, cancer, and on the list goes. Yet this is a company with just $40 million in annual sales, steady operating losses, and minimal communication with the investment community. The fact that it is already valued at $1.4 billion means that Dr. Frost is either sitting on a blockbuster of a company, or he is the most foolish insider buyer ever. More than likely, he's on to something special. He's no fool. So investors are left to have blind faith in him. At least the stock is now below levels of recent insider buying, providing safety. You can bet Dr. Frost will be buying stock next week, next month and next quarter, if history is any guide.