Leerink Positive on Ophthotech (OPHT) Amid Regeneron (REGN) Failure
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With Ophthotech Corp (NASDAQ: OPHT) shares down sharply this morning after Regeneron (NASDAQ: REGN) announced that Rinucumab (anti-PDGF-beta) co-formulated with Eylea (aflibercept) did not show any benefit over Eylea alone in the treatment of wet age-related macular degeneration (wAMD), Leerink analyst Joseph Schwartz defended the name.
Schwartz sees only limited read-through to OPHT's upcoming Fovista + Lucentis Phase 3 results in 4Q16 and it increases the potential reward from Fovista.
"We now believe OPHT could be fairly valued in the range of $92-135 per share if mid- or high-single-digit numbers of letters of visual acuity (VA) are gained, as discussed in our updated scenario analysis earlier this month," he said. "We continue to believe that OPHT will achieve clinical success this year when results from two concurrent Phase 3 studies are released in 4Q, but the question about magnitude of effect remains to be seen. Our base model assigns an 80% PoS for Fovista, leading to peak US sales of $1.26B. OPHT will simultaneously report results from two pivotal Ph.3 Fovista/Lucentis trials in 4Q, with the primary endpoints for these trials being reported separately from both identical Ph.3 trials and secondary endpoints analyzed together."
The firm maintained an Outperform rating and price target of $72.00
Shares of Ophthotech Corp closed at $54.12 yesterday.
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