Zacks Investment Research downgraded shares of Ophthotech (NASDAQ:OPHT) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Ophthotech reported narrower-than-expected loss in the third quarter. However, it generated no revenues. The company is focused on development of Zimura, after the failure of Fovista program. The company has reassessed its wet age-related macular degeneration (AMD) program and is developing Zimura in combination with anti-VEGF therapy. The company also collaborated with other companies to develop Zimura in combination studies. The company also has agreements with academic institutions to develop gene therapy for retinal diseases. With no approved products, the company’s revenues are dependent on collaborations, which may be affected by pipeline setbacks. In a major setback, Novartis terminated its agreement with Ophthotech following the failure of Fovista in three phase III program on Fovista. The company lost a major source of revenues. Shares have underperformed the industry so far this year.”
Separately, ValuEngine upgraded shares of Ophthotech from a sell rating to a hold rating in a research note on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Ophthotech currently has a consensus rating of Hold and an average price target of $3.50.
NASDAQ OPHT opened at $1.64 on Wednesday. The company has a market capitalization of $70.57 million, a price-to-earnings ratio of 0.52 and a beta of 1.16. Ophthotech has a 12-month low of $1.62 and a 12-month high of $4.50.
Ophthotech (NASDAQ:OPHT) last posted its earnings results on Wednesday, October 31st. The biopharmaceutical company reported ($0.41) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.43) by $0.02. Equities research analysts predict that Ophthotech will post -1.55 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Ophthotech by 80.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 739,987 shares of the biopharmaceutical company’s stock worth $2,020,000 after purchasing an additional 330,226 shares during the last quarter. Spark Investment Management LLC grew its holdings in shares of Ophthotech by 25.1% in the 2nd quarter. Spark Investment Management LLC now owns 536,300 shares of the biopharmaceutical company’s stock worth $1,464,000 after purchasing an additional 107,600 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Ophthotech by 30.2% in the 2nd quarter. BlackRock Inc. now owns 775,458 shares of the biopharmaceutical company’s stock worth $2,116,000 after purchasing an additional 179,924 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ophthotech by 53.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 867,096 shares of the biopharmaceutical company’s stock worth $2,367,000 after purchasing an additional 303,825 shares during the last quarter. Finally, Stonepine Capital Management LLC grew its holdings in shares of Ophthotech by 20.0% in the 2nd quarter. Stonepine Capital Management LLC now owns 1,912,018 shares of the biopharmaceutical company’s stock worth $5,220,000 after purchasing an additional 318,899 shares during the last quarter. Institutional investors and hedge funds own 47.02% of the company’s stock.
Ophthotech Company Profile
Ophthotech Corporation, a biopharmaceutical company, develops novel therapies to treat ophthalmic diseases, with a focus on age-related and orphan retinal diseases. The company is developing Zimura, an inhibitor of complement factor C5, for dry and wet forms of age-related macular degeneration, a disorder of the central portion of the retina known as the macula.
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