Opthea (NASDAQ:OPT) Shares Up 1.6% – Here’s Why

Opthea Limited (NASDAQ:OPT)’s share price was up 1.6% during trading on Tuesday . The stock traded as high as $4.00 and last traded at $3.93. Approximately 20,625 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 23,805 shares. The stock had previously closed at $3.87.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group upgraded Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th.

Opthea Stock Down 6.1 %

The stock’s fifty day simple moving average is $3.70 and its 200-day simple moving average is $3.23.

Hedge Funds Weigh In On Opthea

An institutional investor recently bought a new stake in Opthea stock. Jane Street Group LLC purchased a new position in Opthea Limited (NASDAQ:OPT) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 26,632 shares of the company’s stock, valued at approximately $114,000. 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.