Ophthotech Corporation (NASDAQ:OPHT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Monday. The brokerage currently has a $3.25 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.64% from the company’s previous close.
According to Zacks, “Ophthotech beat estimates for both earnings and sales in the third quarter. The company plans to focus on identifying and developing therapies for multiple orphan ophthalmic diseases. It is working to acquire rights to approved or developing therapies for ophthalmic diseases, especially back-of-the-eye diseases. With the failure of Fovista in two pivotal phase III studies, the company is now focusing on Zimura development programs. The company has reassessed its wet age-related macular degeneration (AMD) program and plans to develop Zimura in combination with anti-VEGF therapy. With no approved products, the company’s revenues are dependent on collaborations, which may be affected by pipeline setbacks. In a major setback, with the failure of the third phase III program on Fovista, Novartis terminated its agreement, which cost the company a major source of revenues.”
Several other analysts also recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and issued a $4.00 price target on shares of Ophthotech Corporation in a research note on Thursday, September 21st. ValuEngine upgraded Ophthotech Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Twelve equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Ophthotech Corporation has an average rating of “Hold” and a consensus target price of $8.31.
Ophthotech Corporation (NASDAQ:OPHT) traded up $0.03 on Monday, reaching $2.86. The company had a trading volume of 922,000 shares, compared to its average volume of 869,391. The company has a market cap of $103.07, a P/E ratio of 1.82 and a beta of 1.40. Ophthotech Corporation has a twelve month low of $2.24 and a twelve month high of $40.34.
Large investors have recently added to or reduced their stakes in the company. Creative Planning lifted its position in shares of Ophthotech Corporation by 4,867.3% during the 2nd quarter. Creative Planning now owns 46,941 shares of the biopharmaceutical company’s stock valued at $120,000 after acquiring an additional 45,996 shares during the period. Federated Investors Inc. PA lifted its position in shares of Ophthotech Corporation by 102.3% during the 2nd quarter. Federated Investors Inc. PA now owns 55,461 shares of the biopharmaceutical company’s stock valued at $142,000 after acquiring an additional 28,040 shares during the period. KCG Holdings Inc. bought a new stake in shares of Ophthotech Corporation during the 1st quarter valued at $354,000. LMR Partners LLP bought a new stake in shares of Ophthotech Corporation during the 2nd quarter valued at $269,000. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Ophthotech Corporation by 73.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 118,166 shares of the biopharmaceutical company’s stock valued at $433,000 after acquiring an additional 49,928 shares during the period. Hedge funds and other institutional investors own 62.30% of the company’s stock.
Ophthotech Corporation Company Profile
Ophthotech Corporation is a biopharmaceutical company. The Company is engaged in the development of therapeutics to treat ophthalmic diseases, with a focus on diseases of the back of the eye. Its primary focus is developing therapeutics for age-related macular degeneration (AMD), which is a disorder of the central portion of the retina, known as the macula, that may result in blindness.
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