Opthea Limited (NASDAQ:OPT) Receives $1.33 Average Target Price from Brokerages

Shares of Opthea Limited (NASDAQ:OPT) have been assigned an average recommendation of “Hold” from the six analysts that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $1.33.

OPT has been the subject of several research reports. Leerink Partners lowered shares of Opthea from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $12.00 to $1.00 in a report on Tuesday. Jefferies Financial Group restated an “underperform” rating and issued a $1.00 price objective (down from $8.00) on shares of Opthea in a report on Tuesday. HC Wainwright cut Opthea from a “buy” rating to a “neutral” rating and cut their price objective for the company from $12.00 to $2.00 in a research report on Tuesday. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, Oppenheimer lowered Opthea from an “outperform” rating to a “market perform” rating in a research report on Monday, March 24th.

Opthea Stock Performance

Shares of Opthea stock opened at $3.41 on Wednesday. The business has a 50 day moving average of $4.40 and a 200 day moving average of $4.07. Opthea has a 52 week low of $1.79 and a 52 week high of $6.30.

Hedge Funds Weigh In On Opthea

Several large investors have recently made changes to their positions in OPT. Citadel Advisors LLC purchased a new stake in shares of Opthea in the 4th quarter worth approximately $79,000. Hsbc Holdings PLC bought a new stake in Opthea in the fourth quarter worth $556,000. OLD Mission Capital LLC purchased a new stake in shares of Opthea in the fourth quarter worth $42,000. ABC Arbitrage SA bought a new position in shares of Opthea during the fourth quarter valued at $40,000. Finally, Twin Lakes Capital Management LLC purchased a new position in shares of Opthea in the 3rd quarter worth about $81,000. 55.95% of the stock is currently 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.