Ophthotech Corp. (OPHT) Stock Rating Reaffirmed by BTIG Research
Ophthotech Corp. (NASDAQ:OPHT)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a note issued to investors on Tuesday. They currently have a $92.00 price objective on the biopharmaceutical company’s stock. BTIG Research’s price objective would suggest a potential upside of 57.26% from the stock’s current price.
Several other equities research analysts have also weighed in on OPHT. Zacks Investment Research raised shares of Ophthotech Corp. from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Wednesday, June 15th. JPMorgan Chase & Co. raised shares of Ophthotech Corp. from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $84.00 in a report on Thursday, June 2nd. Citigroup Inc. upped their target price on shares of Ophthotech Corp. from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Barclays PLC reaffirmed a “buy” rating on shares of Ophthotech Corp. in a report on Tuesday, July 19th. Finally, Goldman Sachs Group Inc. reissued a “sell” rating and set a $45.00 price objective on shares of Ophthotech Corp. in a report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. Ophthotech Corp. has an average rating of “Buy” and an average target price of $87.56.
Ophthotech Corp. (NASDAQ:OPHT) opened at 58.50 on Tuesday. The stock has a 50 day moving average of $54.83 and a 200 day moving average of $51.50. The stock’s market capitalization is $2.08 billion. Ophthotech Corp. has a 52-week low of $35.72 and a 52-week high of $80.00.
Ophthotech Corp. (NASDAQ:OPHT) last posted its earnings results on Wednesday, August 3rd. The biopharmaceutical company reported ($0.85) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 business had revenue of $28.20 million for the quarter, compared to analyst estimates of $18.64 million. On average, equities research analysts forecast that Ophthotech Corp. will post ($4.89) EPS for the current year.
In other Ophthotech Corp. news, CEO David R. Guyer sold 24,060 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 56,451 shares in the company, valued at approximately $3,639,395.97. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Samir Chandrakant Patel sold 20,000 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $52.80, for a total transaction of $1,056,000.00. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Ophthotech Corp. by 11.7% in the second quarter. Vanguard Group Inc. now owns 2,211,545 shares of the biopharmaceutical company’s stock worth $112,855,000 after buying an additional 231,933 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Ophthotech Corp. by 16.3% in the second quarter. BlackRock Fund Advisors now owns 1,188,968 shares of the biopharmaceutical company’s stock worth $60,673,000 after buying an additional 166,961 shares in the last quarter. State Street Corp increased its stake in shares of Ophthotech Corp. by 52.6% in the first quarter. State Street Corp now owns 1,078,837 shares of the biopharmaceutical company’s stock worth $45,601,000 after buying an additional 371,894 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Ophthotech Corp. by 37.1% in the second quarter. Franklin Resources Inc. now owns 805,929 shares of the biopharmaceutical company’s stock worth $41,126,000 after buying an additional 218,227 shares in the last quarter. Finally, Fiera Capital Corp purchased a new stake in shares of Ophthotech Corp. during the second quarter worth $37,890,000. Institutional investors own 93.48% of the company’s stock.
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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