Ophthotech Corporation (NASDAQ:OPHT) posted its quarterly earnings results on Wednesday, July 26th. The biopharmaceutical company reported ($0.62) 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. The company’s revenue was down 94.1% compared to the same quarter last year. During the same period last year, the business posted ($0.85) earnings per share.
Shares of Ophthotech Corporation (NASDAQ OPHT) traded up 4.53% on Friday, hitting $2.54. 292,164 shares of the stock traded hands. The firm has a 50 day moving average price of $2.66 and a 200 day moving average price of $3.24. Ophthotech Corporation has a 52-week low of $2.24 and a 52-week high of $62.11. The firm’s market cap is $91.06 million.
Separately, Zacks Investment Research raised shares of Ophthotech Corporation from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a research note on Tuesday, May 2nd. Twelve research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $53.53.
In related news, Chairman David R. Guyer sold 17,678 shares of the stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $2.58, for a total transaction of $45,609.24. Following the sale, the chairman now owns 37,692 shares in the company, valued at approximately $97,245.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 34,609 shares of company stock worth $89,249 in the last 90 days. 2.00% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised its stake in Ophthotech Corporation by 4,867.3% in the second quarter. Creative Planning now owns 46,941 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 45,996 shares during the last quarter. Federated Investors Inc. PA raised its stake in Ophthotech Corporation by 102.3% in the second quarter. Federated Investors Inc. PA now owns 55,461 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 28,040 shares during the last quarter. SG Americas Securities LLC raised its stake in Ophthotech Corporation by 67.7% in the first quarter. SG Americas Securities LLC now owns 50,867 shares of the biopharmaceutical company’s stock valued at $186,000 after buying an additional 20,537 shares during the last quarter. Teachers Advisors LLC raised its stake in Ophthotech Corporation by 6.1% in the fourth quarter. Teachers Advisors LLC now owns 52,243 shares of the biopharmaceutical company’s stock valued at $252,000 after buying an additional 2,999 shares during the last quarter. Finally, LMR Partners LLP acquired a new stake in Ophthotech Corporation during the second quarter worth $269,000. Institutional investors own 72.14% of the company’s stock.
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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.
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