The stock of Ophthotech Corp (NASDAQ:OPHT) hit a new 52-week low and has $36.11 target or 7.00% below today’s $38.83 share price. The 8 months bearish chart indicates high risk for the $1.34B company. The 1-year low was reported on Oct, 17 by Barchart.com. If the $36.11 price target is reached, the company will be worth $93.80 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 472,434 shares traded hands. Ophthotech Corp (NASDAQ:OPHT) has declined 12.01% since March 14, 2016 and is downtrending. It has underperformed by 17.62% the S&P500.
Analysts await Ophthotech Corp (NASDAQ:OPHT) to report earnings on November, 3. They expect $-1.59 earnings per share, down 39.47% or $0.45 from last year’s $-1.14 per share. After $-0.85 actual earnings per share reported by Ophthotech Corp for the previous quarter, Wall Street now forecasts 87.06% negative EPS growth.
Ophthotech Corp (NASDAQ:OPHT) Ratings Coverage
Out of 10 analysts covering Ophthotech Corporation (NASDAQ:OPHT), 9 rate it a “Buy”, 1 “Sell”, while 0 “Hold”. This means 90% are positive. Ophthotech Corporation has been the topic of 14 analyst reports since August 4, 2015 according to StockzIntelligence Inc. On Thursday, September 3 the stock rating was initiated by Citigroup with “Buy”. Oppenheimer reinitiated the stock with “Outperform” rating in Friday, August 14 report. The firm earned “Buy” rating on Tuesday, August 4 by Chardan Capital Markets. Barclays Capital initiated Ophthotech Corp (NASDAQ:OPHT) on Wednesday, April 27 with “Overweight” rating. The firm earned “Buy” rating on Thursday, January 7 by SunTrust. As per Friday, August 7, the company rating was downgraded by Goldman Sachs. Chardan Capital Markets maintained Ophthotech Corp (NASDAQ:OPHT) rating on Tuesday, September 8. Chardan Capital Markets has “Buy” rating and $125.0 price target. Citigroup maintained it with “Buy” rating and $92 target price in Thursday, August 4 report. The firm has “Buy” rating by Suntrust Robinson given on Friday, January 8. The stock of Ophthotech Corp (NASDAQ:OPHT) earned “Overweight” rating by JP Morgan on Thursday, June 2.
According to Zacks Investment Research, “Ophthotech Corporation is a biopharmaceutical company. It is focused on developing and commercializing novel therapies for the treatment of diseases of the eye. The Company is developing Fovista and ARC1905, which are under clinical trials, for the treatment of wet AMD. Ophthotech Corporation is headquartered in New York.”
Insitutional Activity: The institutional sentiment increased to 1.95 in 2016 Q2. Its up 0.45, from 1.5 in 2016Q1. The ratio improved, as 21 funds sold all Ophthotech Corp shares owned while 34 reduced positions. 38 funds bought stakes while 69 increased positions. They now own 41.31 million shares or 29.52% more from 31.90 million shares in 2016Q1.
Rock Springs Capital Mgmt Lp last reported 0.54% of its portfolio in the stock. Brown Brothers Harriman & owns 99 shares or 0% of their US portfolio. Employees Retirement Association Of Colorado, a Colorado-based fund reported 5,054 shares. Parallax Volatility Advisers Limited Partnership holds 0% or 6,437 shares in its portfolio. Ubs Oconnor Limited Liability Company has 0% invested in the company for 18,920 shares. Metropolitan Life Insur Ny reported 22,221 shares or 0.01% of all its holdings. Morgan Stanley, a New York-based fund reported 859,561 shares. Three Bays Capital Lp has 0.93% invested in the company for 350,594 shares. State Board Of Administration Of Florida Retirement Sys has 16,832 shares for 0% of their US portfolio. Moreover, Orbimed Ltd Liability Co has 1.14% invested in Ophthotech Corp (NASDAQ:OPHT) for 2.15M shares. Blackrock Japan Communication reported 571 shares or 0% of all its holdings. Fin Architects Inc, a New Jersey-based fund reported 543 shares. Mutual Of America Cap Management Lc holds 800 shares or 0% of its portfolio. The New York-based Blackrock Inc has invested 0% in Ophthotech Corp (NASDAQ:OPHT). Gabelli Funds Limited Com owns 19,000 shares or 0.01% of their US portfolio.
Insider Transactions: Since April 29, 2016, the stock had 1 insider purchase, and 14 sales for $78.78 million net activity. 20,000 Ophthotech Corp (NASDAQ:OPHT) shares with value of $1.06M were sold by PATEL SAMIR CHANDRAKANT. $978,899 worth of Ophthotech Corp (NASDAQ:OPHT) was sold by GUYER DAVID R on Monday, October 3. 1.30 million Ophthotech Corp (NASDAQ:OPHT) shares with value of $63.70 million were sold by Novo A/S. 3,500 shares with value of $199,395 were bought by Bolte Axel on Friday, June 3. SBLENDORIO GLENN sold $38,381 worth of stock or 671 shares.
More recent Ophthotech Corp (NASDAQ:OPHT) news were published by: Fool.com which released: “Here’s Why Ophthotech Corporation Is Dropping Today” on September 30, 2016. Also Fool.com published the news titled: “Why Ophthotech Corp. Plunged 42% in March” on April 07, 2016. Fool.com‘s news article titled: “Why Ophthotech Corp. Shares Soared 14.9% in May” with publication date: June 09, 2016 was also an interesting one.
OPHT Company Profile
Ophthotech Corporation, incorporated on January 5, 2007, is a biopharmaceutical company. The Firm 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). The Company’s advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs. It is also developing its product candidate Zimura for the treatment of patients with geographic atrophy, a form of dry AMD, in combination with VEGF therapy for the treatment of polypoidal choroidal vasculopathy (PCV), a specific type of wet AMD. It is also investigating the potential of an ophthalmic formulation for tivozanib, a molecule VEGF tyrosine kinase inhibitor, for which the Company has an option for a license.
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