Zacks Investment Research upgraded shares of Ophthotech Corporation (NASDAQ:OPHT) from a hold rating to a strong-buy rating in a research report report published on Monday morning. The firm currently has $3.25 target price on the biopharmaceutical company’s stock.
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 equities research analysts have also commented on OPHT. Stifel Nicolaus restated a hold rating and set 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 analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $8.31.
Ophthotech Corporation (OPHT) traded up $0.06 during trading on Monday, reaching $3.20. The company had a trading volume of 780,800 shares, compared to its average volume of 878,081. The firm has a market capitalization of $120.37, a price-to-earnings ratio of 2.00 and a beta of 1.40. Ophthotech Corporation has a 52-week low of $2.24 and a 52-week high of $40.34.
Several hedge funds and other institutional investors have recently modified their holdings of the company. First Manhattan Co. purchased a new stake in shares of Ophthotech Corporation in the third quarter worth about $1,201,000. Goldman Sachs Group Inc. boosted its position in shares of Ophthotech Corporation by 28.1% in the second quarter. Goldman Sachs Group Inc. now owns 652,992 shares of the biopharmaceutical company’s stock worth $1,672,000 after buying an additional 143,349 shares during the period. Stonepine Capital Management LLC boosted its position in shares of Ophthotech Corporation by 1.7% in the second quarter. Stonepine Capital Management LLC now owns 3,576,189 shares of the biopharmaceutical company’s stock worth $9,155,000 after buying an additional 59,700 shares during the period. Tamarack Advisers LP boosted its position in shares of Ophthotech Corporation by 32.7% in the second quarter. Tamarack Advisers LP now owns 625,000 shares of the biopharmaceutical company’s stock worth $1,600,000 after buying an additional 153,851 shares during the period. Finally, Federated Investors Inc. PA boosted its position in shares of Ophthotech Corporation by 102.3% in the second quarter. Federated Investors Inc. PA now owns 55,461 shares of the biopharmaceutical company’s stock worth $142,000 after buying an additional 28,040 shares during the period. 62.30% of the stock is owned by institutional investors.
About Ophthotech Corporation
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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