Ophthotech Corp (OPHT) was Upgraded by JP Morgan to ” Overweight”. Earlier the firm had a rating of “Neutral ” on the company shares. JP Morgan advised their investors in a research report released on Jun 2, 2016.
Many Wall Street Analysts have commented on Ophthotech Corp. Barclays Initiated Ophthotech Corp on Apr 27, 2016 to “Overweight”, Price Target of the shares are set at $85.
Ophthotech Corp closed down -0.35 points or -0.65% at $53.35 with 5,25,611 shares getting traded on Wednesday. Post opening the session at $53.29, the shares hit an intraday low of $52.11 and an intraday high of $53.96 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on May 4, 2016, David R Guyer (Chief Executive Officer) sold 22,060 shares at $46.42 per share price. According to the SEC, on May 3, 2016, Samir Chandrakant Patel (President) sold 20,000 shares at $47.24 per share price. On Jan 13, 2016, Nicholas Galakatos (director) sold 3,000 shares at $65.64 per share price, according to the Form-4 filing with the securities and exchange commission.
Ophthotech Corporation is a United States-based biopharmaceutical company. The Company is engaged in developing and commercializing therapies for the treatment of diseases of the eye and focuses on developing therapeutics for age-related macular degeneration (AMD). Its product pipeline includes Fovista anti-platelet derived growth factor (PDGF) therapy which is in Phase III clinical trials for use in combination with anti-VEGF drugs to disrupt the formation of abnormal new blood vessels in wet AMD. It prevents PDGF from binding to its natural receptor on pericytes thus causing pericytes to be stripped from newly formed abnormal blood vessels.Its second product candidate Zimura an inhibitor of complement factor C5 is developed for the treatment of geographic atrophy (a form of dry AMD) and in combination with anti-VEGF therapy and Fovista for the treatment of wet AMD. Both Fovista and Zimura are aptamers single strands of nucleic acid that binds with affinity to targets.