Ophthotech (OPHT) Collapses on Disappointing Drug Trials; Cowen Sees Upside in Airgain (AIRG)
Shares of Ophthotech Corp. (Nasdaq:OPHT) slumped more than 70% to touch a new 52-week low in pre-market trading Monday after the company said that data from two pivotal late-stage trials showed that its anti-PDGF therapy Fovista combined with Lucentis (ranibizumab) did not perform better than Lucentis alone – the study’s primary endpoint – in patients with wet age-related macular degeneration (AMD).
Brokerage Chardan Capital Markets downgraded Ophthotech’s stock from Buy to Neutral and reduced its price target to $15.00 from $200.00, following the disappointing trials data.
On Friday, OPHT stock closed at $38.77, up $2.98 (or +8.33%).
Ophthotech, which specializes in the development of novel therapeutics to treat back of the eye diseases, has 35.70M shares outstanding. At close on Friday, the biopharmaceutical company had a market capitalization of $1.38B and OPHT stock one-year range was between $29.85 and $80.00 per share.
Analysts at Cowen initiated coverage on Airgain Inc. (Nasdaq:AIRG) shares with an Outperform rating and a price target of $22.00
AIRG stock finished Friday’s trading session in negative territory by 1.99% (or -$0.37) at $18.25
Airgain, a provider of embedded antenna technologies used to enable high performance wireless networking, has 7.58M shares outstanding, market capitalization (intraday) of $135.58M and AIRG stock 52-week range is from $7.36 to $29.30 per share.
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