Opthea (NASDAQ:OPT) Hits New 1-Year High – Should You Buy?

Shares of Opthea Limited (NASDAQ:OPT) hit a new 52-week high during trading on Thursday . The stock traded as high as $5.51 and last traded at $5.49, with a volume of 19965 shares. The stock had previously closed at $5.07.

Wall Street Analysts Forecast Growth

OPT has been the subject of a number of research analyst reports. Canaccord Genuity Group raised shares of Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of Opthea in a research report on Wednesday.

Opthea Stock Up 8.3 %

The company’s 50 day moving average price is $3.74 and its 200 day moving average price is $3.53.

Hedge Funds Weigh In On Opthea

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new position in shares of Opthea during the 3rd quarter worth about $114,000. Twin Lakes Capital Management LLC purchased a new position in Opthea during the 3rd quarter worth approximately $81,000. Finally, ABC Arbitrage SA purchased a new position in shares of Opthea during the fourth quarter worth approximately $40,000. 55.95% of the stock is owned by institutional investors and hedge funds.

Opthea Company Profile

Opthea Limited, a clinical stage biopharmaceutical company, engages in the development and commercialization of therapies primarily for eye disease in Australia. The company's development activities are based on the intellectual property portfolio covering Vascular Endothelial Growth Factors (VEGF) VEGF-C, VEGF-D, and VEGF Receptor-3 for the treatment of diseases associated with blood and lymphatic vessel growth, as well as vascular leakage.