Ophthotech Corp. (OPHT) Upgraded at Zacks Investment Research
Ophthotech Corp. (NASDAQ:OPHT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $51.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s target price would indicate a potential upside of 17.65% from the stock’s previous close.
According to Zacks, “Ophthotech is a development-stage biopharmaceutical company focused on the development of therapeutics for back-of-the-eye diseases. The company’s late-stage studies on the lead candidate in its pipeline, Fovista, for wet age-related macular degeneration (AMD) bode well for its growth. Moreover, the partnership with Novartis for the commercialization of Fovista in ex-U.S. markets represents a huge positive for Ophthotech. Fovista-related data readouts are expected over the coming months. A favorable outcome could act as catalyst for Ophthotech and form the basis for a regulatory filing in the U.S. Meanwhile, another candidate in Ophthotech’s pipeline, Zimura, is being evaluated for dry AMD. However, being a development-stage company, Ophthotech depends largely on funds generated from collaborations and milestone payments for the development of its candidates. This means that inability to secure sufficient funding could hinder its prospects.”
OPHT has been the subject of a number of other reports. BTIG Research reiterated a “buy” rating and issued a $92.00 price target on shares of Ophthotech Corp. in a research note on Friday, August 19th. Leerink Swann reiterated a “positive” rating and issued a $72.00 price target on shares of Ophthotech Corp. in a research note on Friday, September 30th. JPMorgan Chase & Co. increased their price target on Ophthotech Corp. from $81.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday, September 8th. Goldman Sachs Group Inc. reiterated a “sell” rating and issued a $45.00 price target on shares of Ophthotech Corp. in a research note on Wednesday, August 10th. Finally, Citigroup Inc. raised their target price on Ophthotech Corp. from $91.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $82.91.
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Ophthotech Corp. (NASDAQ:OPHT) traded down 0.80% on Wednesday, reaching $43.35. The company’s stock had a trading volume of 979,457 shares. Ophthotech Corp. has a 52-week low of $38.70 and a 52-week high of $80.00. The firm’s 50-day moving average price is $53.14 and its 200-day moving average price is $52.15. The stock’s market cap is $1.54 billion.
Ophthotech Corp. (NASDAQ:OPHT) last announced its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.05) by $0.20. Ophthotech Corp. had a negative return on equity of 296.63% and a negative net margin of 271.28%. The company earned $28.20 million during the quarter, compared to analysts’ expectations of $18.64 million. On average, equities analysts expect that Ophthotech Corp. will post ($4.92) earnings per share for the current year.
In other news, President Samir Chandrakant Patel sold 20,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $64.21, for a total value of $1,284,200.00. Following the completion of the sale, the president now directly owns 176,031 shares in the company, valued at approximately $11,302,950.51. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David R. Guyer sold 22,060 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $44.37, for a total value of $978,802.20. Following the completion of the sale, the chief executive officer now owns 24,541 shares of the company’s stock, valued at $1,088,884.17. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of OPHT. BlackRock Fund Advisors increased its stake in shares of Ophthotech Corp. by 3.5% in the first quarter. BlackRock Fund Advisors now owns 1,022,007 shares of the biopharmaceutical company’s stock valued at $43,200,000 after buying an additional 34,905 shares in the last quarter. State Street Corp increased its stake in shares of Ophthotech Corp. by 52.6% in the first quarter. State Street Corp now owns 1,078,837 shares of the biopharmaceutical company’s stock valued at $45,601,000 after buying an additional 371,894 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Ophthotech Corp. by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 663,813 shares of the biopharmaceutical company’s stock valued at $28,059,000 after buying an additional 14,043 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Ophthotech Corp. during the first quarter valued at approximately $721,000. Finally, Princeton Capital Management Inc. increased its stake in shares of Ophthotech Corp. by 93.0% in the second quarter. Princeton Capital Management Inc. now owns 18,452 shares of the biopharmaceutical company’s stock valued at $942,000 after buying an additional 8,890 shares in the last quarter. Institutional investors own 93.48% of the company’s stock.
About Ophthotech Corp.
Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs.
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