Ophthotech Corp. (OPHT) Stock Price Down 2.4% After Insider Selling
Ophthotech Corp. (NASDAQ:OPHT) shares were down 2.4% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $43.00 and last traded at $44.20, with a volume of 627,609 shares. The stock had previously closed at $45.30.
Specifically, CEO David R. Guyer sold 24,060 shares of Ophthotech Corp. stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $64.47, for a total value of $1,551,148.20. Following the transaction, the chief executive officer now owns 56,451 shares in the company, valued at $3,639,395.97. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David R. Guyer sold 22,060 shares of Ophthotech Corp. 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 transaction, the chief executive officer now owns 24,541 shares in the company, valued at approximately $1,088,884.17. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
A number of research analysts have issued reports on OPHT shares. Zacks Investment Research upgraded Ophthotech Corp. from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Wednesday, June 15th. BTIG Research reiterated a “buy” rating and issued a $92.00 target price on shares of Ophthotech Corp. in a research report on Monday. Cowen and Company set a $60.00 target price on Ophthotech Corp. and gave the company a “buy” rating in a research report on Saturday, October 1st. Citigroup Inc. lifted their target price on Ophthotech Corp. from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, Barclays PLC reiterated a “buy” rating on shares of Ophthotech Corp. in a research report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Ophthotech Corp. has a consensus rating of “Buy” and an average target price of $82.91.
The stock’s market cap is $1.57 billion. The firm has a 50 day moving average of $53.59 and a 200-day moving average of $52.20.
Ophthotech Corp. (NASDAQ:OPHT) last issued its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $28.20 million for the quarter, compared to analysts’ expectations of $18.64 million. On average, equities analysts anticipate that Ophthotech Corp. will post ($4.89) EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its position in shares of Ophthotech Corp. by 64.3% in the first quarter. Royal Bank of Canada now owns 10,645 shares of the biopharmaceutical company’s stock worth $449,000 after buying an additional 4,167 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Ophthotech Corp. during the first quarter worth about $721,000. Slate Path Capital LP bought a new stake in shares of Ophthotech Corp. during the first quarter worth about $18,176,000. Renaissance Technologies LLC boosted its stake in shares of Ophthotech Corp. by 20.3% in the first quarter. Renaissance Technologies LLC now owns 362,500 shares of the biopharmaceutical company’s stock worth $15,323,000 after buying an additional 61,085 shares during the period. Finally, HBK Investments L P bought a new stake in shares of Ophthotech Corp. during the first quarter worth about $727,000. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
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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