Intrinsic value of Ophthotech - OPHT

Previous Close

$2.39

  Intrinsic Value

$0.26

stock screener

  Rating & Target

str. sell

-89%

Previous close

$2.39

 
Intrinsic value

$0.26

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of OPHT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  336
  519
  776
  1,126
  1,589
  2,185
  2,933
  3,851
  4,955
  6,259
  7,772
  9,502
  11,453
  13,627
  16,022
  18,638
  21,469
  24,512
  27,761
  31,212
  34,860
  38,700
  42,732
  46,951
  51,358
  55,954
  60,740
  65,720
  70,898
  76,279
Variable operating expenses, $m
  1,627
  2,514
  3,760
  5,455
  7,697
  10,581
  14,203
  18,649
  23,997
  30,311
  37,639
  46,017
  55,466
  65,994
  77,597
  90,264
  103,976
  118,712
  134,448
  151,159
  168,825
  187,426
  206,949
  227,384
  248,729
  270,986
  294,165
  318,282
  343,357
  369,420
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,627
  2,514
  3,760
  5,455
  7,697
  10,581
  14,203
  18,649
  23,997
  30,311
  37,639
  46,017
  55,466
  65,994
  77,597
  90,264
  103,976
  118,712
  134,448
  151,159
  168,825
  187,426
  206,949
  227,384
  248,729
  270,986
  294,165
  318,282
  343,357
  369,420
Operating income, $m
  -1,291
  -1,995
  -2,983
  -4,329
  -6,107
  -8,396
  -11,270
  -14,799
  -19,042
  -24,052
  -29,867
  -36,515
  -44,013
  -52,367
  -61,574
  -71,626
  -82,507
  -94,200
  -106,687
  -119,947
  -133,965
  -148,726
  -164,217
  -180,433
  -197,371
  -215,032
  -233,425
  -252,562
  -272,460
  -293,141
EBITDA, $m
  -1,291
  -1,995
  -2,983
  -4,328
  -6,106
  -8,394
  -11,268
  -14,795
  -19,038
  -24,046
  -29,860
  -36,507
  -44,003
  -52,355
  -61,560
  -71,609
  -82,488
  -94,178
  -106,662
  -119,919
  -133,934
  -148,691
  -164,179
  -180,391
  -197,324
  -214,982
  -233,370
  -252,503
  -272,396
  -293,072
Interest expense (income), $m
  0
  0
  -6
  -5
  -4
  -2
  0
  3
  7
  11
  17
  23
  31
  39
  49
  59
  71
  84
  98
  113
  128
  145
  163
  182
  202
  222
  244
  266
  290
  314
  339
Earnings before tax, $m
  -1,291
  -1,989
  -2,979
  -4,325
  -6,106
  -8,397
  -11,274
  -14,806
  -19,054
  -24,069
  -29,890
  -36,546
  -44,052
  -52,416
  -61,634
  -71,697
  -82,591
  -94,298
  -106,799
  -120,076
  -134,111
  -148,889
  -164,399
  -180,635
  -197,593
  -215,276
  -233,691
  -252,852
  -272,774
  -293,480
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -1,291
  -1,989
  -2,979
  -4,325
  -6,106
  -8,397
  -11,274
  -14,806
  -19,054
  -24,069
  -29,890
  -36,546
  -44,052
  -52,416
  -61,634
  -71,697
  -82,591
  -94,298
  -106,799
  -120,076
  -134,111
  -148,889
  -164,399
  -180,635
  -197,593
  -215,276
  -233,691
  -252,852
  -272,774
  -293,480

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  34
  52
  78
  113
  160
  220
  295
  388
  499
  630
  782
  957
  1,153
  1,372
  1,613
  1,876
  2,161
  2,468
  2,795
  3,142
  3,509
  3,896
  4,302
  4,727
  5,170
  5,633
  6,115
  6,616
  7,138
  7,679
Adjusted assets (=assets-cash), $m
  34
  52
  78
  113
  160
  220
  295
  388
  499
  630
  782
  957
  1,153
  1,372
  1,613
  1,876
  2,161
  2,468
  2,795
  3,142
  3,509
  3,896
  4,302
  4,727
  5,170
  5,633
  6,115
  6,616
  7,138
  7,679
Revenue / Adjusted assets
  9.882
  9.981
  9.949
  9.965
  9.931
  9.932
  9.942
  9.925
  9.930
  9.935
  9.939
  9.929
  9.933
  9.932
  9.933
  9.935
  9.935
  9.932
  9.932
  9.934
  9.934
  9.933
  9.933
  9.933
  9.934
  9.933
  9.933
  9.933
  9.932
  9.933
Average production assets, $m
  3
  5
  7
  10
  14
  20
  26
  35
  45
  56
  70
  86
  103
  123
  144
  168
  193
  221
  250
  281
  314
  348
  385
  423
  462
  504
  547
  591
  638
  687
Working capital, $m
  -12
  -19
  -28
  -41
  -57
  -79
  -106
  -139
  -178
  -225
  -280
  -342
  -412
  -491
  -577
  -671
  -773
  -882
  -999
  -1,124
  -1,255
  -1,393
  -1,538
  -1,690
  -1,849
  -2,014
  -2,187
  -2,366
  -2,552
  -2,746
Total debt, $m
  -107
  -91
  -67
  -36
  6
  60
  128
  211
  311
  430
  567
  723
  900
  1,097
  1,314
  1,551
  1,808
  2,083
  2,378
  2,690
  3,021
  3,369
  3,734
  4,117
  4,516
  4,932
  5,366
  5,817
  6,286
  6,774
Total liabilities, $m
  30
  47
  70
  102
  144
  198
  266
  349
  449
  567
  704
  861
  1,038
  1,235
  1,452
  1,689
  1,945
  2,221
  2,515
  2,828
  3,159
  3,507
  3,872
  4,254
  4,653
  5,070
  5,504
  5,955
  6,424
  6,911
Total equity, $m
  3
  5
  8
  11
  16
  22
  30
  39
  50
  63
  78
  96
  115
  137
  161
  188
  216
  247
  279
  314
  351
  390
  430
  473
  517
  563
  612
  662
  714
  768
Total liabilities and equity, $m
  33
  52
  78
  113
  160
  220
  296
  388
  499
  630
  782
  957
  1,153
  1,372
  1,613
  1,877
  2,161
  2,468
  2,794
  3,142
  3,510
  3,897
  4,302
  4,727
  5,170
  5,633
  6,116
  6,617
  7,138
  7,679
Debt-to-equity ratio
  -31.670
  -17.320
  -8.600
  -3.130
  0.400
  2.750
  4.340
  5.450
  6.240
  6.820
  7.240
  7.560
  7.810
  8.000
  8.150
  8.270
  8.360
  8.440
  8.510
  8.560
  8.610
  8.650
  8.680
  8.710
  8.730
  8.760
  8.780
  8.790
  8.810
  8.820
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,291
  -1,989
  -2,979
  -4,325
  -6,106
  -8,397
  -11,274
  -14,806
  -19,054
  -24,069
  -29,890
  -36,546
  -44,052
  -52,416
  -61,634
  -71,697
  -82,591
  -94,298
  -106,799
  -120,076
  -134,111
  -148,889
  -164,399
  -180,635
  -197,593
  -215,276
  -233,691
  -252,852
  -272,774
  -293,480
Depreciation, amort., depletion, $m
  0
  0
  1
  1
  1
  2
  3
  3
  4
  6
  7
  9
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  69
Funds from operations, $m
  -1,291
  -1,989
  -2,978
  -4,324
  -6,104
  -8,395
  -11,271
  -14,802
  -19,049
  -24,063
  -29,883
  -36,537
  -44,042
  -52,403
  -61,619
  -71,680
  -82,571
  -94,276
  -106,774
  -120,048
  -134,079
  -148,854
  -164,361
  -180,592
  -197,547
  -215,226
  -233,637
  -252,793
  -272,710
  -293,412
Change in working capital, $m
  -5
  -7
  -9
  -13
  -17
  -21
  -27
  -33
  -40
  -47
  -54
  -62
  -70
  -78
  -86
  -94
  -102
  -110
  -117
  -124
  -131
  -138
  -145
  -152
  -159
  -165
  -172
  -179
  -186
  -194
Cash from operations, $m
  -1,286
  -1,982
  -2,969
  -4,312
  -6,087
  -8,373
  -11,244
  -14,769
  -19,009
  -24,016
  -29,829
  -36,475
  -43,972
  -52,325
  -61,533
  -71,586
  -82,469
  -94,166
  -106,657
  -119,923
  -133,948
  -148,716
  -164,216
  -180,441
  -197,388
  -215,060
  -233,465
  -252,613
  -272,524
  -293,218
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -6
  -7
  -9
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -55
  -59
  -64
New CAPEX, $m
  -1
  -2
  -2
  -3
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -48
Cash from investing activities, $m
  -1
  -2
  -2
  -4
  -5
  -6
  -9
  -11
  -13
  -16
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -46
  -51
  -56
  -61
  -66
  -71
  -76
  -82
  -87
  -93
  -100
  -106
  -112
Free cash flow, $m
  -1,288
  -1,984
  -2,971
  -4,315
  -6,093
  -8,380
  -11,253
  -14,780
  -19,023
  -24,032
  -29,848
  -36,498
  -43,998
  -52,355
  -61,567
  -71,624
  -82,512
  -94,213
  -106,708
  -119,979
  -134,009
  -148,782
  -164,287
  -180,517
  -197,470
  -215,148
  -233,558
  -252,713
  -272,629
  -293,330
Issuance/(repayment) of debt, $m
  -107
  17
  23
  32
  42
  54
  68
  83
  100
  118
  137
  157
  177
  197
  217
  237
  257
  276
  294
  313
  331
  348
  365
  382
  399
  416
  434
  451
  469
  488
Issuance/(repurchase) of shares, $m
  1,411
  1,991
  2,981
  4,329
  6,110
  8,403
  11,281
  14,815
  19,065
  24,082
  29,905
  36,563
  44,072
  52,438
  61,658
  71,723
  82,619
  94,328
  106,832
  120,110
  134,147
  148,927
  164,440
  180,677
  197,637
  215,322
  233,740
  252,902
  272,826
  293,535
Cash from financing (excl. dividends), $m  
  1,304
  2,008
  3,004
  4,361
  6,152
  8,457
  11,349
  14,898
  19,165
  24,200
  30,042
  36,720
  44,249
  52,635
  61,875
  71,960
  82,876
  94,604
  107,126
  120,423
  134,478
  149,275
  164,805
  181,059
  198,036
  215,738
  234,174
  253,353
  273,295
  294,023
Total cash flow (excl. dividends), $m
  17
  24
  33
  45
  60
  77
  96
  118
  142
  168
  195
  222
  251
  279
  308
  336
  364
  391
  418
  444
  469
  494
  518
  543
  567
  591
  615
  640
  666
  692
Retained Cash Flow (-), $m
  -1,411
  -1,991
  -2,981
  -4,329
  -6,110
  -8,403
  -11,281
  -14,815
  -19,065
  -24,082
  -29,905
  -36,563
  -44,072
  -52,438
  -61,658
  -71,723
  -82,619
  -94,328
  -106,832
  -120,110
  -134,147
  -148,927
  -164,440
  -180,677
  -197,637
  -215,322
  -233,740
  -252,902
  -272,826
  -293,535
Prev. year cash balance distribution, $m
  154
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  18
  29
  45
  68
  98
  138
  190
  255
  335
  431
  545
  676
  827
  996
  1,186
  1,394
  1,622
  1,868
  2,133
  2,415
  2,715
  3,033
  3,367
  3,718
  4,085
  4,468
  4,868
  5,284
  5,718
  6,168
Cash available for distribution, $m
  -1,240
  -1,967
  -2,948
  -4,284
  -6,051
  -8,326
  -11,185
  -14,697
  -18,923
  -23,914
  -29,711
  -36,341
  -43,821
  -52,158
  -61,350
  -71,387
  -82,255
  -93,937
  -106,414
  -119,667
  -133,678
  -148,434
  -163,921
  -180,135
  -197,071
  -214,731
  -233,124
  -252,262
  -272,160
  -292,843
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -1,189
  -1,801
  -2,566
  -3,527
  -4,690
  -6,043
  -7,556
  -9,186
  -10,870
  -12,537
  -14,109
  -15,508
  -16,662
  -17,510
  -18,011
  -18,141
  -17,897
  -17,299
  -16,385
  -15,206
  -13,827
  -12,316
  -10,744
  -9,175
  -7,666
  -6,265
  -5,004
  -3,903
  -2,971
  -2,205
Current shareholders' claim on cash, %
  50.0
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Ophthotech Corporation is a biopharmaceutical company. The Company is engaged in the development of therapeutics to treat ophthalmic diseases, with a focus on diseases of the back of the eye. Its primary focus is developing therapeutics for age-related macular degeneration (AMD), which is a disorder of the central portion of the retina, known as the macula, that may result in blindness. Its product candidates include Fovista and Zimura. Fovista is designed to target platelet derived growth factor (PDGF) in combination with anti-vascular endothelial growth factor (VEGF) drugs to disrupt the formation of abnormal new blood vessels in wet AMD. Zimura targets complement factor C5, a central component of the complement cascade. The Company has initiated a Phase II/III clinical trial investigating Zimura for treatment of geographic atrophy.

FINANCIAL RATIOS  of  Ophthotech (OPHT)

Valuation Ratios
P/E Ratio -0.4
Price to Sales 1.7
Price to Book -0.9
Price to Tangible Book
Price to Cash Flow -0.8
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate -1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -52.9%
Ret/ On Assets - 3 Yr. Avg. -36.6%
Return On Total Capital 1102.9%
Ret/ On T. Cap. - 3 Yr. Avg. 304.1%
Return On Equity 1102.9%
Return On Equity - 3 Yr. Avg. 304.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -378.4%
EBITDA Margin - 3 Yr. Avg. -269.4%
Operating Margin -382.4%
Oper. Margin - 3 Yr. Avg. -272.2%
Pre-Tax Margin -380.4%
Pre-Tax Margin - 3 Yr. Avg. -270.7%
Net Profit Margin -378.4%
Net Profit Margin - 3 Yr. Avg. -289.2%
Effective Tax Rate 0.5%
Eff/ Tax Rate - 3 Yr. Avg. -10.6%
Payout Ratio 0%

OPHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OPHT stock intrinsic value calculation we used $210 million for the last fiscal year's total revenue generated by Ophthotech. The default revenue input number comes from 2017 income statement of Ophthotech. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our OPHT stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for OPHT is calculated based on our internal credit rating of Ophthotech, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ophthotech.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of OPHT stock the variable cost ratio is equal to 484.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for OPHT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Ophthotech.

Corporate tax rate of 27% is the nominal tax rate for Ophthotech. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the OPHT stock is equal to 8.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for OPHT are equal to 0.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Ophthotech operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for OPHT is equal to -3.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $38 million for Ophthotech - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36 million for Ophthotech is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ophthotech at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Ophthotech: 2Q Earnings Snapshot   [Aug-01-18 07:27AM  Associated Press]
▶ Ophthotech Corp. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Ophthotech: 1Q Earnings Snapshot   [May-09-18 07:39AM  Associated Press]
▶ Ophthotech reports 4Q loss   [06:59AM  Associated Press]
▶ Ophthotech Corp. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Ophthotech (OPHT) Jumps: Stock Rises 11.9%   [Nov-14-17 08:43AM  Zacks]
▶ Ophthotech posts 3Q profit   [07:22AM  Associated Press]
▶ Ophthotech Corp. to Host Earnings Call   [06:00AM  ACCESSWIRE]
▶ Ophthotech reports 2Q loss   [Jul-26-17 03:23PM  Associated Press]
▶ Ophthotech reports 1Q loss   [07:52AM  Associated Press]
▶ ETFs with exposure to Ophthotech Corp. : May 1, 2017   [May-01-17 04:15PM  Capital Cube]
▶ ETFs with exposure to Ophthotech Corp. : April 19, 2017   [Apr-19-17 02:29PM  Capital Cube]
▶ ETFs with exposure to Ophthotech Corp. : April 7, 2017   [Apr-07-17 05:14PM  Capital Cube]
▶ ETFs with exposure to Ophthotech Corp. : March 27, 2017   [Mar-27-17 04:02PM  Capital Cube]
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