Ophthotech Corp Receives a Hold from Chardan Capital

By Austin Angelo

In a report issued on June 8, Gbola Amusa from Chardan Capital assigned a Hold rating to Ophthotech Corp (NASDAQ: OPHT), with a price target of $4. The company’s shares opened today at $3.11.

Amusa noted:

“We understand previous attempts at this indication, e.g. via RhoNova (acquired by 2016), required 2 vectors (one to block the mutant protein and one to produce normal protein), which requires higher vector doses and was technically difficult. Work in mice has demonstrated a single vector construct can improve both retinal structure and function; and, the company indicated studies in large animal (i.e. canine) models have yielded promising results, which management expects will be published soon. A sponsored research agreement was also established between for continued preclinical and natural history studies. Ophthotech plans to initiate IND-enabling studies with the goal of beginning a phase I/II trial in early 2020.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 24.5% and a 52.7% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Arbutus Biopharma Corporation.

Ophthotech Corp has an analyst consensus of Moderate Sell, with a price target consensus of $4.

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Based on Ophthotech Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $13.07 million. In comparison, last year the company had a GAAP net loss of $43.12 million.

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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.