UPDATE: Stifel Initiates Coverage on Ophthotech Corp. with Buy Rating, $52 PT on Multiple Positive Factors

In a report published Monday, Stifel analyst Stephen Willey initiated coverage on Ophthotech Corp. OPHT with a Buy rating and $52.00 price target. In the report, Stifel noted, “We are initiating coverage on shares of Ophthotech Corp. (OPHT) with a Buy rating and a 12-month target price of $52/share. We believe Ophthotech's lead product candidate Fovista, an aptamer targeting platelet-derived growth factor (PDGF), will meaningfully improve treatment outcomes when used in combination with current standard of care anti-vascular endothelial growth factor (VEGF) therapy in patients with wet age-related macular degeneration (AMD). We believe the combination of Fovista's meaningfully de-risked P3 development program and commercial potential in a well-established, multi-billion dollar market historically receptive to new product launches provides long-term oriented investors with a unique opportunity.” Ophthotech Corp. closed on Friday at $29.25.