TIAA CREF Investment Management LLC Lowers Position in Ophthotech Corporation (OPHT)

TIAA CREF Investment Management LLC Lowers Position in Ophthotech Corporation (OPHT)

TIAA CREF Investment Management LLC lowered its stake in shares of Ophthotech Corporation (NASDAQ:OPHT) by 1.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 139,404 shares of the biopharmaceutical company’s stock after selling 1,621 shares during the period. TIAA CREF Investment Management LLC owned about 0.39% of Ophthotech Corporation worth $6,431,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Principal Financial Group Inc. acquired a new stake in shares of Ophthotech Corporation during the second quarter worth $274,000. Prudential Financial Inc. acquired a new stake in shares of Ophthotech Corporation during the second quarter worth $285,000. Teacher Retirement System of Texas boosted its stake in shares of Ophthotech Corporation by 18.5% in the second quarter. Teacher Retirement System of Texas now owns 3,582 shares of the biopharmaceutical company’s stock worth $183,000 after buying an additional 559 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of Ophthotech Corporation by 39.0% in the second quarter. UBS Asset Management Americas Inc. now owns 14,647 shares of the biopharmaceutical company’s stock worth $748,000 after buying an additional 4,108 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in shares of Ophthotech Corporation by 81.8% in the second quarter. Nationwide Fund Advisors now owns 64,148 shares of the biopharmaceutical company’s stock worth $3,273,000 after buying an additional 28,864 shares during the period. 96.13% of the stock is owned by institutional investors.

Ophthotech Corporation (NASDAQ:OPHT) traded up 3.007% during midday trading on Friday, reaching $4.625. 730,501 shares of the company traded hands. Ophthotech Corporation has a 12 month low of $4.27 and a 12 month high of $65.96. The firm’s market capitalization is $165.10 million. The firm’s 50 day moving average price is $7.74 and its 200 day moving average price is $38.33.

Ophthotech Corporation (NASDAQ:OPHT) last released its quarterly earnings results on Tuesday, November 8th. The biopharmaceutical company reported ($1.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.64) by $0.07. The business had revenue of $1.67 million for the quarter, compared to the consensus estimate of $6.20 million. Ophthotech Corporation had a negative net margin of 323.19% and a negative return on equity of 916.07%. On average, analysts expect that Ophthotech Corporation will post ($5.25) earnings per share for the current year.

A number of analysts recently weighed in on the stock. Chardan Capital reaffirmed a “buy” rating and set a $200.00 price target on shares of Ophthotech Corporation in a research report on Monday, October 31st. BTIG Research cut shares of Ophthotech Corporation from a “buy” rating to a “neutral” rating in a research report on Monday, December 12th. Leerink Swann cut shares of Ophthotech Corporation from an “outperform” rating to a “market perform” rating in a research report on Monday, December 12th. SunTrust Banks, Inc. cut shares of Ophthotech Corporation from a “buy” rating to a “hold” rating in a research report on Monday, December 12th. Finally, Cowen and Company cut shares of Ophthotech Corporation from an “outperform” rating to a “market perform” rating in a research report on Monday, December 12th. One equities research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $58.30.

In related news, CEO David R. Guyer sold 22,060 shares of the firm’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $35.61, for a total value of $785,556.60. Following the transaction, the chief executive officer now directly owns 24,541 shares in the company, valued at approximately $873,905.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder A/S Novo sold 3,610,487 shares of the firm’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $4.87, for a total transaction of $17,583,071.69. Following the completion of the transaction, the insider now owns 1,405,487 shares in the company, valued at $6,844,721.69. The disclosure for this sale can be found here. Insiders have sold a total of 3,649,475 shares of company stock worth $18,452,013 in the last 90 days. 2.00% of the stock is owned by insiders.

Ophthotech Corporation Company Profile

Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs.

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