Ophthotech Corp (NASDAQ:OPHT)
This morning, Ophthotech Corp (NASDAQ:OPHT) shares jumped up off their 52-week lows to gap up and open higher on the company’s earnings release. Early volume has been heavy – over 30 times the daily pro-rated average. The price action follows the company earnings announcement that saw Q3 net income of $189.1 million, or $5.25 per share, on $206.7 million in revenues. Ophthotech Corp (NASDAQ:OPHT) is a biopharmaceutical company, headquartered in New York city, specializing in the development of novel therapeutics for age-related and orphan diseases of the eye.
Glenn P. Sblendorio, Chief Executive Officer and President of Ophthotech commented on the earnings announcement – “We have progressed in all of our clinical programs by initiating new trials and modifying a current clinical trial. We remain on track to have four trials ongoing by the end of the year.”
Ophthotech Business Update
Ophthotech modified its on-going Zimura (avacincaptad pegol) clinical trial for the treatment of geographic atrophy (GA) secondary to dry age related macular degeneration (AMD). This on-going clinical trial is designed to assess the safety and efficacy of Zimura monotherapy in patients with GA. The company has modified the design of the trial to accelerate the anticipated timeline for obtaining top-line data. This was accomplished by restriucting the number of enrollees to 200.
During the third quarter, Ophthotech Corp (NASDAQ:OPHT) initiated a new dose-ranging, open-label Phase 2a clinical trial of Zimura in combination with Lucentis® in patients with wet AMD who have not been previously treated with any anti-VEGF agents. Approximately 60 patients will be enrolled and treated for 6 months. Based on the anticipated enrollment rate, Ophthotech expects initial top-line data to be available by the end of 2018.
Before the end of 2017, an open-label Phase 2a clinical trial will begin that evaluates Zimura, in combination with Eylea®, for the treatment of idiopathic polypoidal choroidal vasculopathy (IPCV) in treatment experienced patients. Approximately 20 patients will be enrolled and treated for a duration of 9 months. Initial top-line data is expected to be available during the second half of 2019.
OPHT Stock Performance
Today’s earnings announcement is very welcome news from shareholders that had seen a year in which OPHT stock had lost over 90% of its value. The value of the shares has dropped on a year-to-date, quarterly, and monthly basis.
Most recently, OPHT stock was touching its 52-week low of $2.24. That price is a 90+% drop from its 52-week high of $40.34.
Five investment firms follow Ophthotech Corp (NASDAQ:OPHT). All five rate OPHT stock a “Hold” with a one-year consensus price target of $5.00.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.