Leerink Partners Downgrades Opthea (NASDAQ:OPT) to Market Perform

Opthea (NASDAQ:OPT) was downgraded by analysts at Leerink Partners from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, MarketBeat reports. They currently have a $1.00 target price on the stock, down from their previous target price of $12.00. Leerink Partners’ price target would indicate a potential downside of 70.67% from the stock’s current price.

A number of other equities research analysts have also weighed in on OPT. HC Wainwright reissued a “buy” rating and set a $12.00 target price on shares of Opthea in a report on Friday, February 28th. Jefferies Financial Group reaffirmed an “underperform” rating and set a $1.00 target price (down from $8.00) on shares of Opthea in a research report on Tuesday. Oppenheimer cut Opthea from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $1.33.

Opthea Trading Up 7.2 %

Opthea stock opened at $3.41 on Tuesday. The stock has a 50-day moving average price of $4.42 and a two-hundred day moving average price of $4.07. Opthea has a 12 month low of $1.79 and a 12 month high of $6.30.

Institutional Trading of Opthea

A number of large investors have recently bought and sold shares of the business. ABC Arbitrage SA acquired a new position in shares of Opthea in the 4th quarter valued at about $40,000. OLD Mission Capital LLC bought a new stake in Opthea in the fourth quarter worth approximately $42,000. Twin Lakes Capital Management LLC acquired a new position in Opthea in the third quarter valued at approximately $81,000. Citadel Advisors LLC bought a new position in shares of Opthea during the 4th quarter worth approximately $79,000. Finally, Jane Street Group LLC bought a new position in shares of Opthea during the 3rd quarter worth approximately $114,000. 55.95% of the stock is currently owned by institutional investors and hedge funds.

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.