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

OPHT has been the topic of a number of research reports. Zacks Investment Research upgraded Ophthotech Corp. from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Wednesday, June 15th. Barclays PLC initiated coverage on Ophthotech Corp. in a report on Wednesday, April 27th. They issued an “overweight” rating and a $85.00 price target on the stock. Finally, JPMorgan Chase & Co. upgraded Ophthotech Corp. from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $84.00 in a report on Thursday, June 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $85.90.

The stock’s 50 day moving average price is $54.66 and its 200-day moving average price is $50.73. The company’s market cap is $2.06 billion.

Ophthotech Corp. (NASDAQ:OPHT) last posted its quarterly earnings data on Wednesday, May 4th. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.33) by $0.30. The company earned $15.70 million during the quarter, compared to analyst estimates of $7.22 million. On average, analysts expect that Ophthotech Corp. will post ($4.67) EPS for the current year.

In other Ophthotech Corp. news, President Samir Chandrakant Patel sold 20,000 shares of the stock in a transaction dated Friday, April 29th. The stock was sold at an average price of $46.79, for a total transaction of $935,800.00. Following the completion of the sale, the president now directly owns 231,008 shares in the company, valued at approximately $10,808,864.32. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder A/S Novo sold 1,300,000 shares of the stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $49.00, for a total value of $63,700,000.00. Following the sale, the insider now owns 3,610,489 shares of the company’s stock, valued at $176,913,961. The disclosure for this sale can be found here.

A number of hedge funds have modified their holdings of the company. California State Teachers Retirement System increased its stake in shares of Ophthotech Corp. by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 43,931 shares of the biopharmaceutical company’s stock worth $3,450,000 after buying an additional 755 shares during the last quarter. GSA Capital Partners LLP increased its stake 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 worth $1,328,000 after buying an additional 2,743 shares during the last quarter. ProShare Advisors LLC increased its stake 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 worth $2,479,000 after buying an additional 2,802 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Ophthotech Corp. during the fourth quarter worth $1,984,000. Finally, US Bancorp DE increased its stake 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 worth $5,163,000 after buying an additional 27,541 shares during the last quarter.

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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