Opthea (NASDAQ:OPT) Sees Strong Trading Volume – What’s Next?

Opthea Limited (NASDAQ:OPT) shares saw strong trading volume on Friday . 30,043 shares traded hands during trading, an increase of 19% from the previous session’s volume of 25,264 shares.The stock last traded at $3.51 and had previously closed at $3.52.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Opthea in a research note on Friday, February 28th. Canaccord Genuity Group upgraded Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th.

Opthea Stock Performance

The company’s 50-day simple moving average is $4.53 and its 200 day simple moving average is $4.04.

Hedge Funds Weigh In On Opthea

Several hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC bought a new stake in shares of Opthea in the 4th quarter worth approximately $556,000. Jane Street Group LLC bought a new stake in shares of Opthea in the 3rd quarter worth approximately $114,000. Citadel Advisors LLC bought a new stake in shares of Opthea in the 4th quarter worth approximately $79,000. Twin Lakes Capital Management LLC bought a new stake in shares of Opthea in the 3rd quarter worth approximately $81,000. Finally, OLD Mission Capital LLC bought a new stake in shares of Opthea in the 4th quarter worth approximately $42,000. Institutional investors own 55.95% of the company’s stock.

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.