Revenue Update on Ophthotech Corp(NASDAQ:OPHT)

Ophthotech Corp(NASDAQ:OPHT) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Aug 3, 2016. Company reported revenue of $28.20M. Analysts estimated a revenue of $18.64M. Earnings per share were $-0.85. Analysts had estimated an EPS of $-1.05.

In a different note, On Jun 2, 2016, JP Morgan said it Upgrades its rating on Ophthotech Corp. In the research note, the firm Raises the price-target to $60.00 per share. The shares have been rated ‘Overweight’ by the firm.

Ophthotech Corp (OPHT) shares turned negative on Fridays trading session with the shares closing down -0.26 points or -0.48% at a volume of 2,85,488. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $53.96. The peak price level was also seen at $53.96 while the days lowest was $53.01. Finally the shares closed at $53.44. The 52-week high of the shares is $80 while the 52-week low is $35.72. According to the latest information available, the market cap of the company is $1,902 M.

Several Insider Transactions has been reported to the SEC. On Aug 2, 2016, Samir Chandrakant Patel (President) sold 20,000 shares at $64.36 per share price.Also, On Jul 6, 2016, David R Guyer (Chief Executive Officer) sold 24,060 shares at $52.09 per share price.On Jun 7, 2016, Axel Bolte (director) purchased 3,500 shares at $56.97 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.

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