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Ophthotech Corp (NASDAQ: OPHT) has declined 45 percent over the past month, driven by investor concerns regarding the company’s upcoming Phase 3 data.
Citi’s Yigal Nochomovitz maintained a Buy rating on the company, with a price target of $92.
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The Real Story
Nochomovitz believes that investors “aren't sufficiently appreciating that there was a clear dose response in the Ph2b.”
The analyst believes this fact is repeatedly overlooked because Ophthotech didn't provide direct statistics of the comparison between low dose Fovista and high dose Fovista, choosing instead to focus on the overall positive results of high dose Fovista in combination with Lucentis versus Lucentis monotherapy.
Nochomovitz explained the Phase 2b results, stating, “When using a dose response analysis incorporating all time points, Fovista 1.5 mg improved vision sig. better than Fovista 0.3 mg and Fovista 0.3 mg improved vision sig. better than Lucentis alone.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.