Ophthotech Corp. (NASDAQ:OPHT) gapped up before the market opened 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.

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

The firm has a 50 day moving average of $55.34 and a 200 day moving average of $50.83. The company’s market cap is $2.27 billion.

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

In other Ophthotech Corp. news, CEO David R. Guyer sold 22,060 shares of the firm’s stock in a transaction on Monday, May 2nd. The stock was 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 of the company’s stock, valued at $2,514,547.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 directly owns 56,451 shares of the company’s stock, valued at approximately $2,942,226.12. The disclosure for this sale can be found here.

Other institutional investors recently added to or reduced their stakes in the company. 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 during 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 during 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 during 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 during the last quarter. Finally, First Trust Advisors LP bought a new position in Ophthotech Corp. during the fourth quarter valued at $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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