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Fly News Breaks for August 3, 2015
OPHT
Aug 3, 2015 | 08:46 EDT
Leerink analyst Joseph Schwartz upped his price target for Ophthotech to $92 to reflect a higher pool of patients that may be targeted by the company's wet AMD treatment Fovista. The analyst expects 2016 to be the year that combination therapy is validated in wet AMD. Schwartz's base case model has estimated an 80% probability that Fovista succeeds in Phase III and is approved by the FDA, leading to peak U.S. sales of $1.5B in 2027. Ophthotech could be fairly valued up to $205 per share based on the strength of the data, the analyst writes. He keeps an Outperform rating on the stock.
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