Ophthotech Corporation (NASDAQ:OPHT) Announces Quarterly Earnings Results

Ophthotech Corporation (NASDAQ:OPHT) released its quarterly earnings data on Wednesday. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.07) by $0.45, Morningstar.com reports. The business had revenue of $1.66 million for the quarter, compared to analysts’ expectations of $1.38 million. During the same quarter in the prior year, the firm earned ($0.85) earnings per share. Ophthotech Corporation’s quarterly revenue was down 94.1% compared to the same quarter last year.

Ophthotech Corporation (OPHT) traded up 1.48% on Thursday, reaching $2.75. 181,733 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $2.67 and a 200 day moving average of $3.33. Ophthotech Corporation has a 12 month low of $2.24 and a 12 month high of $65.96. The stock’s market capitalization is $98.59 million.

In other news, Chairman David R. Guyer sold 17,678 shares of Ophthotech Corporation stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $2.58, for a total value of $45,609.24. Following the transaction, the chairman now owns 37,692 shares of the company’s stock, valued at $97,245.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 34,609 shares of company stock worth $89,249. Insiders own 2.00% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Morgan Stanley increased its stake in shares of Ophthotech Corporation by 839.7% in the first quarter. Morgan Stanley now owns 2,229,151 shares of the biopharmaceutical company’s stock valued at $8,159,000 after buying an additional 1,991,921 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Ophthotech Corporation during the first quarter valued at about $6,801,000. Stonepine Capital Management LLC increased its stake in shares of Ophthotech Corporation by 53.4% in the first quarter. Stonepine Capital Management LLC now owns 3,516,489 shares of the biopharmaceutical company’s stock valued at $12,870,000 after buying an additional 1,223,589 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Ophthotech Corporation during the first quarter valued at about $2,157,000. Finally, Quantitative Investment Management LLC increased its stake in shares of Ophthotech Corporation by 452.0% in the first quarter. Quantitative Investment Management LLC now owns 564,100 shares of the biopharmaceutical company’s stock valued at $2,064,000 after buying an additional 461,900 shares during the last quarter. Institutional investors and hedge funds own 73.96% of the company’s stock.

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Separately, Zacks Investment Research upgraded shares of Ophthotech Corporation from a “hold” rating to a “buy” rating and set a $3.25 price objective for the company in a research note on Tuesday, May 2nd. Twelve equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Ophthotech Corporation presently has a consensus rating of “Hold” and an average target price of $53.53.

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.