The short interest has climbed along with the share price in the last few days and that led to a short attack this morning when 15K shares were dumped at the open; the price went down 50 cents or so to about $19 and then the stock sold off about 2%. Nobody who wants top dollar would sell 15K shares in 1 minute at the open accept a short trying to trip stop loss orders.
In addition, the biotech index IBB sold off about half hour after the open and went down about 2% from it's high; both REGN and OPHT also sold off 2% from their early morning high and closed down for the day. This indicates that there was a general weakness in the biotech sector beginning around 10AM and lasting until close.
When the sector is weak, funds get redemptions orders and must raise cash, contributing to the weakness in OHRP's share price.
I think we are making a base and patience is key. The big picture is that the drops will dramatically reduce injections, improve VA, and HAVE NO increased risk of GA as the antivegf injections (Lucentis, Avastin, Eylea) do. .
There was an excerpt from a "Decision Resources" report on Fovista. It stated:
"BURLINGTON, Mass., March 12, 2014 /PRNewswire/ -- Decision Resources Group finds that surveyed U.S. and European retinal specialists ascribe a moderate to high unmet need for wet age-related macular degeneration (AMD) therapies that improve visual acuity. In line with this finding, surveyed U.S. retinal specialists expect that they would prescribe Ophthotech's Fovista to 25 percent of their wet AMD patients. Fovista is an adjunctive, anti-platelet-derived growth factor that is being developed with the aim of improving visual acuity over monotherapy with existing anti-vascular endothelial growth factor (VEGF) standards of care."
So retinal docs would prescribe Fovista to 25% of wet amd patients, but squalamine eye drops would be prescribed to 100% assuming they work, yet Opthotech has 3 x the market cap of Ohr.
The article goes on to say:
"•"Surveyed U.S. payers do not appear receptive to wet AMD therapies that offer only delivery frequency improvements, yet they are willing to include on formularies wet AMD therapies with lower risk of serious ocular side effects. Future wet AMD therapies offering less-invasive routes of administration, such as Ohr Pharmaceutical's squalamine eye drops, may be clinically differentiated not only on delivery convenience but also on safety by offering a potential reduction in the risk of serious delivery-related ocular side effects."
So Decision Resources in an article focusing on Fovista admit that squalamine eye drops are the most outstanding upcoming treatment, even more than Fovista, assuming that the drops work as we expect!.
So the market cap of Ohr should greatly exceed OPHT's market cap of 1.3 billion assuming the drops work in interim phase 2.
OPHT has a problem in that the combo requires two separate injections.
Meanwhile, REGN combo is co-formulated in a single injection and Genentech is going that route as well.
I think REFN and GENE are much better at science than OPHT, so the double injection will probably be part of OPHT's delivery system if their combo gets approved.
It would be nice to see the entire Decision Resources Report titled -- Emerging Wet AMD Treatments: How Receptive Are Retinal Specialists and Payers to Therapies Offering Greater Dosing Convenience or Vision Improvements.
It was published just last week. Decision Resources is a top tier consultant to biopharma leaders. Anyone here a client or have access?
Nadja Rozovsky, the author, is doing an online webinar on Mar 25th covering the report. Access to webinar is limited to clients.
It should bring the eyeballs of some influential industry leaders to the squalamine story...........
Now all we need is some positive interim PhII data.