Shares of Ophthotech Corp. (NASDAQ:OPHT) gapped up prior to trading on Thursday . The stock had previously closed at $61.53, but opened at $61.84. Ophthotech Corp. shares last traded at $62.94, with a volume of 299,421 shares changing hands.

OPHT has been the subject of a number of research reports. Zacks Investment Research raised 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. Barclays PLC reaffirmed a “buy” rating on shares of Ophthotech Corp. in a report on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Ophthotech Corp. from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $60.00 to $84.00 in a report on Thursday, June 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $85.90.

The stock has a 50 day moving average price of $55.17 and a 200 day moving average price of $50.90. The stock’s market capitalization is $2.23 billion.

Ophthotech Corp. (NASDAQ:OPHT) last issued its earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.33) by $0.30. The firm had revenue of $15.70 million for the quarter, compared to analyst estimates of $7.22 million. On average, equities analysts expect that Ophthotech Corp. will post ($4.67) earnings per share for the current fiscal year.

In other Ophthotech Corp. news, President Samir Chandrakant Patel sold 20,000 shares of the company’s stock in a transaction on Friday, April 29th. The shares were sold at an average price of $46.79, for a total value of $935,800.00. Following the transaction, the president now directly owns 231,008 shares in the company, valued at $10,808,864.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO David R. Guyer sold 22,060 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $46.18, for a total transaction of $1,018,730.80. Following the completion of the transaction, the chief executive officer now owns 54,451 shares in the company, valued at $2,514,547.18. The disclosure for this sale can be found here.

Several institutional investors recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in 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 increased its position in 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 increased its position in 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 increased its position in 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 bought a new position in 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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