Zacks Investment Research upgraded shares of Ophthotech Corp. (NASDAQ:OPHT) from a hold rating to a strong-buy rating in a research note published on Wednesday. The brokerage 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.”
A number of other research analysts have also weighed in on OPHT. Cowen and Company set a $60.00 target price on shares of Ophthotech Corp. and gave the stock a buy rating in a research note on Saturday, October 1st. Citigroup Inc. raised their target price on shares of Ophthotech Corp. from $91.00 to $92.00 and gave the stock a buy rating in a research note on Thursday, August 4th. BTIG Research reissued a buy rating and issued a $92.00 target price on shares of Ophthotech Corp. in a research note on Monday, October 3rd. Barclays PLC reissued a buy rating on shares of Ophthotech Corp. in a research note on Tuesday, July 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Ophthotech Corp. from $81.00 to $95.00 and gave the stock an overweight rating in a research note on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $82.91.
Ophthotech Corp. (NASDAQ:OPHT) opened at 44.05 on Wednesday. The company’s market cap is $1.57 billion. The company has a 50-day moving average price of $52.96 and a 200 day moving average price of $52.33. Ophthotech Corp. has a 52 week low of $38.70 and a 52 week high of $80.00.
Ophthotech Corp. (NASDAQ:OPHT) last released its earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.05) by $0.20. Ophthotech Corp. had a negative net margin of 271.28% and a negative return on equity of 296.63%. The business had revenue of $28.20 million for the quarter, compared to analyst estimates of $18.64 million. On average, equities research analysts forecast that Ophthotech Corp. will post ($4.92) EPS for the current fiscal year.
In other Ophthotech Corp. news, CEO David R. Guyer sold 22,060 shares of the business’s stock in a transaction on 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 $1,088,884.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David R. Guyer sold 24,060 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $3,639,395.97. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of OPHT. Vanguard Group Inc. increased its position in Ophthotech Corp. by 11.7% in the second quarter. Vanguard Group Inc. now owns 2,211,545 shares of the biopharmaceutical company’s stock valued at $112,855,000 after buying an additional 231,933 shares during the period. BlackRock Fund Advisors increased its position in Ophthotech Corp. by 16.3% in the second quarter. BlackRock Fund Advisors now owns 1,188,968 shares of the biopharmaceutical company’s stock valued at $60,673,000 after buying an additional 166,961 shares during the period. State Street Corp increased its position in 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 during the period. Franklin Resources Inc. increased its position in Ophthotech Corp. by 37.1% in the second quarter. Franklin Resources Inc. now owns 805,929 shares of the biopharmaceutical company’s stock valued at $41,126,000 after buying an additional 218,227 shares during the period. Finally, Fiera Capital Corp acquired a new position in Ophthotech Corp. during the second quarter valued at approximately $37,890,000. Institutional investors and hedge funds 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ophthotech Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ophthotech Corp. and related companies with MarketBeat.com's FREE daily email newsletter.