Ophthotech Corp. (NASDAQ:OPHT) dropped 0.6% during mid-day trading on Monday . The company traded as low as $57.17 and last traded at $58.06, with a volume of 286,933 shares trading hands. The stock had previously closed at $58.40.

OPHT has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of Ophthotech Corp. from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Tuesday, May 10th. JPMorgan Chase & Co. upgraded shares of Ophthotech Corp. from a “neutral” rating to an “overweight” rating and upped their price target for the company from $60.00 to $84.00 in a report on Thursday, June 2nd. Finally, Barclays PLC initiated coverage on shares of Ophthotech Corp. in a report on Wednesday, April 27th. They set an “overweight” rating and a $85.00 price target for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. Ophthotech Corp. has an average rating of “Buy” and an average price target of $85.90.

The stock has a 50-day moving average of $54.55 and a 200-day moving average of $50.67. The firm’s market capitalization is $2.08 billion.

Ophthotech Corp. (NASDAQ:OPHT) last released its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.33) by $0.30. The business earned $15.70 million during the quarter, compared to analysts’ expectations of $7.22 million. On average, equities research analysts expect that Ophthotech Corp. will post ($4.67) EPS for the current fiscal year.

In other news, President Samir Chandrakant Patel sold 20,000 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was sold at an average price of $46.79, for a total transaction of $935,800.00. Following the transaction, the president now owns 231,008 shares in the company, valued at $10,808,864.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David R. Guyer sold 24,060 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $52.12, for a total value of $1,254,007.20. Following the transaction, the chief executive officer now owns 56,451 shares in the company, valued at approximately $2,942,226.12. The disclosure for this sale can be found here.

Other institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its position in shares of Ophthotech Corp. by 72.1% in the fourth quarter. US Bancorp DE now owns 65,741 shares of the biopharmaceutical company’s stock valued at $5,163,000 after buying an additional 27,541 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Ophthotech Corp. by 19.4% in the fourth quarter. GSA Capital Partners LLP now owns 16,908 shares of the biopharmaceutical company’s stock valued at $1,328,000 after buying an additional 2,743 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of Ophthotech Corp. by 212.9% in the fourth quarter. New York State Common Retirement Fund now owns 70,413 shares of the biopharmaceutical company’s stock valued at $5,530,000 after buying an additional 47,913 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Ophthotech Corp. by 9.7% in the fourth quarter. ProShare Advisors LLC now owns 31,563 shares of the biopharmaceutical company’s stock valued at $2,479,000 after buying an additional 2,802 shares in the last quarter. Finally, First Trust Advisors LP purchased a new position in shares of Ophthotech Corp. during the fourth quarter valued at approximately $1,984,000.

Ophthotech Corporation is a United States-based biopharmaceutical company. The Company is engaged in developing and commercializing therapies for the treatment of diseases of the eye and focuses on developing therapeutics for age-related macular degeneration (AMD). Its product pipeline includes Fovista anti-platelet derived growth factor (PDGF) therapy, which is in Phase III clinical trials for use in combination with anti-VEGF drugs to disrupt the formation of abnormal new blood vessels in wet AMD.

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