The Ophthotech Corp. (OPHT) Rating Lowered to Sell at The Zacks Investment Research

The Ophthotech Corp. (OPHT) Rating Lowered to Sell at The Zacks Investment Research

Zacks Investment Research downgraded shares of Ophthotech Corp. (NASDAQ:OPHT) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

According to Zacks, “Ophthotech is a development-stage biotech company and has no approved product in its portfolio at the moment but two candidates in its pipeline. Fovista is the company’s most advanced candidate being developed for the treatment of wet age-related macular degeneration (AMD). Fovista-related data readouts are expected over the coming months. With so much dependence on the successful development and approval of one candidate, any development or regulatory setback would adversely affect the company. Another candidate in Ophthotech’s pipeline, Zimura, is being evaluated for dry AMD. Moreover, 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. However, the partnership with Novartis for the commercialization of Fovista in ex-U.S. markets represents a huge positive for Ophthotech.”

A number of other equities analysts have also weighed in on OPHT. Cowen and Company set a $60.00 price target on shares of Ophthotech Corp. and gave the stock a buy rating in a research report on Saturday, October 1st. Citigroup Inc. upped their price target on shares of Ophthotech Corp. from $91.00 to $92.00 and gave the stock a buy rating in a research report on Thursday, August 4th. BTIG Research reiterated a buy rating and issued a $92.00 price target on shares of Ophthotech Corp. in a research report on Monday, October 3rd. Barclays PLC reiterated a buy rating on shares of Ophthotech Corp. in a research report on Tuesday, July 19th. Finally, JPMorgan Chase & Co. upped their price target 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. Two investment analysts have rated the stock with a sell rating and nine have given a buy rating to the stock. Ophthotech Corp. presently has a consensus rating of Buy and a consensus target price of $78.70.

Ophthotech Corp. (NASDAQ:OPHT) opened at 32.45 on Tuesday. The stock’s market cap is $1.15 billion. The company has a 50-day moving average of $46.69 and a 200-day moving average of $51.39. Ophthotech Corp. has a 12 month low of $31.50 and a 12 month high of $80.00.

Ophthotech Corp. (NASDAQ:OPHT) last posted its quarterly earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.05) by $0.20. The business earned $28.20 million during the quarter, compared to analyst estimates of $18.64 million. Ophthotech Corp. had a negative net margin of 271.28% and a negative return on equity of 296.63%. On average, equities analysts forecast that Ophthotech Corp. will post ($4.92) EPS for the current fiscal year.

In related news, President Samir Chandrakant Patel sold 20,000 shares of the company’s stock in a transaction on Thursday, September 29th. The shares were sold at an average price of $55.17, for a total transaction of $1,103,400.00. Following the sale, the president now owns 24,239 shares of the company’s stock, valued at $1,337,265.63. The transaction was disclosed in a legal 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, October 3rd. The shares were sold at an average price of $44.37, for a total transaction of $978,802.20. Following the sale, the chief executive officer now directly owns 24,541 shares in the company, valued at approximately $1,088,884.17. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in OPHT. BNP Paribas Arbitrage SA increased 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 valued at $119,000 after buying an additional 1,382 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Ophthotech Corp. by 66.0% in the third quarter. Great West Life Assurance Co. Can now owns 3,651 shares of the biopharmaceutical company’s stock valued at $168,000 after buying an additional 1,451 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of 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. increased its stake in shares of 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. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Ophthotech Corp. during the second quarter valued at $227,000. 92.83% 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.

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