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Fly News Breaks for November 29, 2016
REGN, OPHT
Nov 29, 2016 | 07:13 EDT
After Regeneron's (REGN) REGN2176-3 for wet AMD failed to show significant efficacy in a Phase II trial, SunTrust analyst Yatin Suneja does not believe that the failure bodes badly for Ophthotech (OPHT) whose Fovista treatment, like Regeneron's (REGN) drug, utilizes the PDGF pathway. The analyst says that Ophthotech's Fovista "has shown impressive efficacy in both Phase I and Phase IIb studies," and Suneja expects Fovista's Phase III results to also show strong efficacy. The analyst reiterates a $100 price target and a Buy rating on Ophthotech.
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