Opthea (NASDAQ:OPT) Shares Up 3.6% – Here’s Why

Opthea Limited (NASDAQ:OPT) shares were up 3.6% during trading on Thursday . The stock traded as high as $3.16 and last traded at $3.29. Approximately 1,708 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 25,653 shares. The stock had previously closed at $3.17.

Wall Street Analyst Weigh In

OPT has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of Opthea in a report on Friday, February 28th. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th.

Opthea Stock Performance

The company’s 50 day moving average is $4.49 and its 200 day moving average is $4.04.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Hsbc Holdings PLC bought a new position in Opthea in the fourth quarter worth $556,000. Jane Street Group LLC acquired a new position in shares of Opthea in the 3rd quarter valued at $114,000. Citadel Advisors LLC bought a new position in shares of Opthea during the 4th quarter worth about $79,000. Twin Lakes Capital Management LLC acquired a new stake in shares of Opthea during the 3rd quarter valued at about $81,000. Finally, OLD Mission Capital LLC bought a new stake in Opthea in the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 55.95% of the company’s stock.

About Opthea

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.