Ophthotech Corp. (OPHT) Upgraded to Strong-Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Ophthotech Corp. (NASDAQ:OPHT) from a hold rating to a strong-buy rating in a report issued on Wednesday morning. The firm currently has $51.00 price target on the biopharmaceutical company’s stock.
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.”
Other equities research analysts also recently issued research reports about the company. Citigroup Inc. raised their price objective on Ophthotech Corp. from $91.00 to $92.00 and gave the company a buy rating in a report on Thursday, August 4th. Barclays PLC reissued a buy rating on shares of Ophthotech Corp. in a report on Tuesday, July 19th. BTIG Research reissued a buy rating and set a $92.00 price objective on shares of Ophthotech Corp. in a report on Friday, August 19th. Cowen and Company set a $60.00 price objective on Ophthotech Corp. and gave the company a buy rating in a report on Saturday, October 1st. Finally, JPMorgan Chase & Co. raised their price objective on Ophthotech Corp. from $81.00 to $95.00 and gave the company an overweight rating in a report on Thursday, September 8th. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $82.91.
Shares of Ophthotech Corp. (NASDAQ:OPHT) opened at 45.30 on Wednesday. The company’s market capitalization is $1.61 billion. Ophthotech Corp. has a one year low of $38.70 and a one year high of $80.00. The firm has a 50 day moving average price of $53.59 and a 200 day moving average price of $52.20.
Ophthotech Corp. (NASDAQ:OPHT) last issued its earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.05) by $0.20. The firm had revenue of $28.20 million for the quarter, compared to the consensus estimate of $18.64 million. Ophthotech Corp. had a negative return on equity of 296.63% and a negative net margin of 271.28%. On average, equities research analysts predict that Ophthotech Corp. will post ($4.89) EPS for the current fiscal year.
In other Ophthotech Corp. news, 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 transaction of $1,551,148.20. Following the completion of the transaction, the chief executive officer now owns 56,451 shares in the company, valued at approximately $3,639,395.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Samir Chandrakant Patel sold 20,000 shares of Ophthotech Corp. stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $64.21, for a total value of $1,284,200.00. Following the transaction, the president now owns 176,031 shares of the company’s stock, valued at approximately $11,302,950.51. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in OPHT. Royal Bank of Canada increased its position in 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 during the period. Schonfeld Strategic Advisors LLC bought a new position in Ophthotech Corp. during the first quarter worth about $721,000. Slate Path Capital LP bought a new position in Ophthotech Corp. during the first quarter worth about $18,176,000. Renaissance Technologies LLC increased its position in 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 position in Ophthotech Corp. during the first quarter worth about $727,000. Institutional investors and hedge funds own 93.48% of the company’s stock.
Ophthotech Corp. Company Profile
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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