Ophthotech Corp. (OPHT) Trading Down 2.9%
Ophthotech Corp. (NASDAQ:OPHT) shares were down 2.9% on Tuesday . The company traded as low as $52.00 and last traded at $52.04, with a volume of 181,135 shares changing hands. The stock had previously closed at $53.61.
A number of research analysts have weighed in on OPHT shares. Goldman Sachs Group Inc. reaffirmed a “sell” rating and issued a $45.00 price target on shares of Ophthotech Corp. in a research note on Wednesday, August 10th. Zacks Investment Research raised shares of Ophthotech Corp. from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Wednesday, June 15th. Barclays PLC assumed coverage on shares of Ophthotech Corp. in a report on Wednesday, April 27th. They issued an “overweight” rating and a $85.00 price objective on the stock. Citigroup Inc. upped their price objective on shares of Ophthotech Corp. from $91.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, JPMorgan Chase & Co. upgraded shares of Ophthotech Corp. from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $84.00 in a report on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $85.63.
The company’s 50-day moving average is $57.75 and its 200-day moving average is $50.47. The firm’s market cap is $1.85 billion.
Ophthotech Corp. (NASDAQ:OPHT) last issued its earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.20. The firm earned $28.20 million during the quarter, compared to the consensus estimate of $18.64 million. Analysts anticipate that Ophthotech Corp. will post ($5.03) EPS for the current fiscal year.
In other Ophthotech Corp. news, major shareholder A/S Novo sold 1,300,000 shares of the firm’s stock in a transaction on Tuesday, May 24th. The stock was sold at an average price of $49.00, for a total transaction of $63,700,000.00. Following the transaction, the insider now directly owns 3,610,489 shares in the company, valued at approximately $176,913,961. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Samir Chandrakant Patel sold 20,000 shares of the firm’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $53.32, for a total value of $1,066,400.00. Following the transaction, the president now owns 213,377 shares in the company, valued at $11,377,261.64. The disclosure for this sale can be found here.
Other institutional investors recently modified their holdings of the company. First Trust Advisors LP bought a new position in shares of Ophthotech Corp. during the fourth quarter valued at $1,984,000. New York State Common Retirement Fund boosted 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 during the period. Finally, US Bancorp DE boosted 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 during the period.
Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs.
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