BTIG Affirms Ophthotech (OPHT) at 'Buy'; Sees Publication of Fovista Phase 2b Data Easing Investor Worries

October 31, 2016 2:17 PM EDT
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Price: $4.48 -2.82%

Rating Summary:
    4 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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BTIG affirms Ophthotech (Nasdaq: OPHT) with a Buy rating and $92 price target after the company announced that the Phase 2b study results of Fovista (pegpleranib), the Company's anti-PDGF agent administered in combination with Lucentis (ranibizumab) anti-VEGF therapy for the treatment of wet age-related macular degeneration (AMD), have been published online in Ophthalmology®, the journal of the American Academy of Ophthalmology.

Analyst Ling Wang commented: The long-awaited Phase IIb trial of Fovista in combination with Lucentis was published online today in Ophthalmology, the journal of the American Academy of Ophthalmology. We believe the publication in a highly regarded peer-reviewed journal underscores the robustness of the Phase IIb data package. The publication has raised no concerns with regard to the two recent bearish arguments: 1) Imbalance in baseline lesion size could have driven the overall Phase IIb success in VA improvement, and 2) Anatomic analysis in Phase IIb does not support VA improvement, which is a positive, in our view. Additionally, the publication proposed multiple mechanisms of action of Fovista (consistent with our view), supportive of our disagreement of read-through from Regeneron’s (REGN, Neutral, Analyst: Dane Leone) recent Phase II failure.

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