Ophthotech Corp. (OPHT) Upgraded to “Strong-Buy” by Zacks Investment Research
Ophthotech Corp. (NASDAQ:OPHT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The firm presently has a $51.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s price target would indicate a potential upside of 16.04% from the company’s previous close.
According to Zacks, “Ophthotech is a development-stage biopharmaceutical company focused on the development of therapeutics for back-of-the-eye diseases. The company’s late-stage studies on the lead candidate in its pipeline, Fovista, for wet age-related macular degeneration (AMD) bode well for its growth. Moreover, the partnership with Novartis for the commercialization of Fovista in ex-U.S. markets represents a huge positive for Ophthotech. Fovista-related data readouts are expected over the coming months. A favorable outcome could act as catalyst for Ophthotech and form the basis for a regulatory filing in the U.S. Meanwhile, another candidate in Ophthotech’s pipeline, Zimura, is being evaluated for dry AMD. However, being a development-stage company, Ophthotech depends largely on funds generated from collaborations and milestone payments for the development of its candidates. This means that inability to secure sufficient funding could hinder its prospects.”
Several other research firms also recently issued reports on OPHT. Leerink Swann reiterated a “positive” rating and set a $72.00 price objective on shares of Ophthotech Corp. in a research note on Friday, September 30th. Goldman Sachs Group Inc. reissued a “sell” rating and set a $45.00 target price on shares of Ophthotech Corp. in a research report on Wednesday, August 10th. JPMorgan Chase & Co. boosted their target price on shares of Ophthotech Corp. from $81.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, September 8th. Barclays PLC reissued a “buy” rating on shares of Ophthotech Corp. in a research report on Tuesday, July 19th. Finally, BTIG Research reissued a “buy” rating and set a $92.00 target price on shares of Ophthotech Corp. in a research report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $82.91.
Ophthotech Corp. (NASDAQ:OPHT) traded up 3.32% during midday trading on Wednesday, reaching $45.41. 436,511 shares of the company’s stock were exchanged. The firm’s market capitalization is $1.62 billion. Ophthotech Corp. has a 52 week low of $38.55 and a 52 week high of $80.00. The stock’s 50 day moving average is $53.77 and its 200 day moving average is $52.25.
Ophthotech Corp. (NASDAQ:OPHT) last released its earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.20. Ophthotech Corp. had a negative net margin of 271.28% and a negative return on equity of 296.63%. The firm earned $28.20 million during the quarter, compared to the consensus estimate of $18.64 million. On average, analysts expect that Ophthotech Corp. will post ($4.89) EPS for the current fiscal year.
In other Ophthotech Corp. news, CEO David R. Guyer sold 24,060 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $64.47, for a total transaction of $1,551,148.20. Following the sale, the chief executive officer now directly owns 56,451 shares of the company’s stock, valued at $3,639,395.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Samir Chandrakant Patel sold 20,000 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $64.21, for a total transaction of $1,284,200.00. Following the sale, the president now directly owns 176,031 shares in the company, valued at $11,302,950.51. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of Ophthotech Corp. by 114.4% in the third quarter. BNP Paribas Arbitrage SA now owns 2,590 shares of the biopharmaceutical company’s stock worth $119,000 after buying an additional 1,382 shares during the period. Teacher Retirement System of Texas raised its position in Ophthotech Corp. by 18.5% in the second quarter. Teacher Retirement System of Texas now owns 3,582 shares of the biopharmaceutical company’s stock valued at $183,000 after buying an additional 559 shares in the last quarter. BlackRock Inc. raised its position in Ophthotech Corp. by 138.0% in the second quarter. BlackRock Inc. now owns 3,965 shares of the biopharmaceutical company’s stock valued at $203,000 after buying an additional 2,299 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in Ophthotech Corp. during the second quarter valued at approximately $227,000. Finally, Oxford Asset Management purchased a new position in Ophthotech Corp. during the second quarter valued at approximately $267,000. 93.48% of the stock is currently owned by institutional investors.
About Ophthotech Corp.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ophthotech Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ophthotech Corp. and related companies with MarketBeat.com's FREE daily email newsletter.