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Fly News Breaks for February 24, 2016
OPHT
Feb 24, 2016 | 12:47 EDT
Cowen analyst Tyler Van Buren says consultants he's spoken to indicate a 60%-70% probability of success for Ophthotech's ongoing Fovista Phase III program. Topline data for the retinal disease drug are now expected in Q4, Van Buren tells investors in a post-earnings research note. He sees "significant potential upside" to Ophthotech shares prior to the trial readout. The analyst expects a much higher valuation from here to the readout and keeps an Outperform rating on the name with an $80 price target.
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