Zacks Investment Research cut shares of Ophthotech (NASDAQ:OPHT) from a strong-buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Ophthotech beat earnings estimates for the fourth quarter of 2017. However, it did not generate any revenues in the quarter. The company plans to focus on identifying, developing and acquiring therapies for multiple orphan ophthalmic diseases. With the failure of Fovista in two pivotal phase III studies, the company is now focusing on Zimura development programs. The company has reassessed its wet age-related macular degeneration (AMD) program and is developing Zimura in combination with anti-VEGF therapy. The company also collaborated with other companies to develop Zimura in combination studies. With no approved products, the company’s revenues are dependent on collaborations, which may be affected by pipeline setbacks. In a major setback, with the failure of the third phase III program on Fovista, Novartis terminated its agreement, which cost the company a major source of revenues. Shares have outperformed the industry in past six months.”
A number of other research firms have also commented on OPHT. ValuEngine lowered shares of Ophthotech from a buy rating to a hold rating in a research note on Thursday, March 1st. TheStreet lowered shares of Ophthotech from a c rating to a d+ rating in a research note on Friday, March 2nd.
Ophthotech (NASDAQ:OPHT) last posted its quarterly earnings data on Tuesday, February 27th. The biopharmaceutical company reported ($0.26) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.58) by $0.32. Ophthotech had a net margin of 26.69% and a negative return on equity of 230.07%. During the same period last year, the company posted ($1.86) EPS. equities analysts predict that Ophthotech will post -1.71 EPS for the current year.
In related news, insider David R. Guyer sold 16,520 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $3.19, for a total transaction of $52,698.80. Following the transaction, the insider now directly owns 50,494 shares of the company’s stock, valued at $161,075.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Glenn Sblendorio sold 8,089 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $3.19, for a total transaction of $25,803.91. Following the transaction, the chief executive officer now directly owns 44,584 shares in the company, valued at $142,222.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,971 shares of company stock worth $111,481. 2.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Alambic Investment Management L.P. bought a new position in Ophthotech during the fourth quarter worth $211,000. Eversept Partners LLC bought a new position in Ophthotech during the fourth quarter worth $465,000. Acadian Asset Management LLC bought a new position in Ophthotech during the fourth quarter worth $622,000. Spark Investment Management LLC boosted its stake in Ophthotech by 20.3% during the fourth quarter. Spark Investment Management LLC now owns 258,500 shares of the biopharmaceutical company’s stock worth $806,000 after acquiring an additional 43,700 shares in the last quarter. Finally, Armistice Capital LLC boosted its stake in Ophthotech by 2.6% during the fourth quarter. Armistice Capital LLC now owns 3,450,000 shares of the biopharmaceutical company’s stock worth $10,764,000 after acquiring an additional 86,000 shares in the last quarter. 60.62% of the stock is currently owned by institutional investors and hedge funds.
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Ophthotech Company Profile
Ophthotech Corporation is a biopharmaceutical company. The Company is engaged in the development of therapeutics to treat ophthalmic diseases, with a focus on diseases of the back of the eye. Its primary focus is developing therapeutics for age-related macular degeneration (AMD), which is a disorder of the central portion of the retina, known as the macula, that may result in blindness.
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