Opthea (NASDAQ:OPT) Stock Price Up 7.2% – Should You Buy?

Opthea Limited (NASDAQ:OPT) shares rose 7.2% during trading on Thursday . The stock traded as high as $3.48 and last traded at $3.41. Approximately 3,000 shares were traded during trading, a decline of 89% from the average daily volume of 26,905 shares. The stock had previously closed at $3.18.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OPT. Jefferies Financial Group restated an “underperform” rating and set a $1.00 price objective (down previously from $8.00) on shares of Opthea in a research report on Tuesday, March 25th. Leerink Partners lowered Opthea from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $12.00 to $1.00 in a research note on Tuesday, March 25th. HC Wainwright downgraded Opthea from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $12.00 to $2.00 in a research note on Tuesday, March 25th. Oppenheimer cut Opthea from an “outperform” rating to a “market perform” rating in a report on Monday, March 24th. Finally, Leerink Partnrs lowered shares of Opthea from a “strong-buy” rating to a “hold” rating in a report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Opthea has an average rating of “Hold” and an average price target of $1.33.

Opthea Stock Up 7.2%

The firm has a 50 day moving average price of $3.41 and a 200-day moving average price of $3.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. EP Wealth Advisors LLC bought a new position in shares of Opthea during the first quarter valued at approximately $34,000. ABC Arbitrage SA bought a new position in Opthea in the 4th quarter valued at $40,000. OLD Mission Capital LLC purchased a new stake in Opthea in the fourth quarter worth $42,000. Citadel Advisors LLC bought a new stake in shares of Opthea during the fourth quarter worth $79,000. Finally, Twin Lakes Capital Management LLC lifted its position in shares of Opthea by 67.4% during the first quarter. Twin Lakes Capital Management LLC now owns 33,156 shares of the company’s stock worth $113,000 after purchasing an additional 13,350 shares during the last quarter. 55.95% of the stock is owned by hedge funds and other institutional investors.

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.