Chardan Capital Sticks to Its Hold Rating for Ophthotech Corp (OPHT)

By Carrie Williams

In a report released today, Gbola Amusa from Chardan Capital reiterated a Hold rating on Ophthotech Corp (NASDAQ: OPHT), with a price target of $4. The company’s shares closed yesterday at $2.46, close to its 52-week low of $2.25.

Amusa noted:

“We remain positive on the company’s relatively low-cost entry into gene therapy (GT) but reiterate our Neutral rating until we gain additional visibility on these assets. Recall both the Leber congenital amaurosis 10 (LCA10) gene therapy to deliver “miniCEP290″ and ABCA4 GT in Stargardt disease licensed from 2018, as well as the autosomal dominant retinitis pigmentosa (adRP) asset licensed from the 2018, are preclinical. As such, catalysts are limited and, aside from a possible publication in the near term, are likely to generate meaningful catalysts on a 2020 horizon at best.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 25.8% and a 54.4% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Applied Genetic Technologies.

The word on The Street in general, suggests a Hold analyst consensus rating for Ophthotech Corp with a $4 average price target.

See today’s analyst top recommended stocks >>

Based on Ophthotech Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $13.21 million. In comparison, last year the company had a GAAP net loss of $22.2 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Ophthotech Corp. is a biopharmaceutical company,which engages in discovering, developing, and commercializing novel therapeutics to treat ophthalmic diseases, with a focus on age-related and orphan retinal diseases. Its product candidates include Zimura and Gene Therapy.