Opthea (NASDAQ:OPT) Shares Gap Up – Time to Buy?

Opthea Limited (NASDAQ:OPT)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $3.07, but opened at $3.22. Opthea shares last traded at $3.24, with a volume of 8,734 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on OPT shares. Canaccord Genuity Group raised shares of Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of Opthea in a research report on Friday, February 28th.

Opthea Price Performance

The company’s fifty day moving average is $4.48 and its two-hundred day moving average is $4.04.

Hedge Funds Weigh In On Opthea

A number of large investors have recently bought and sold shares of OPT. Jane Street Group LLC purchased a new stake in shares of Opthea during the third quarter worth about $114,000. Twin Lakes Capital Management LLC purchased a new stake in Opthea during the 3rd quarter worth approximately $81,000. ABC Arbitrage SA acquired a new position in shares of Opthea during the fourth quarter valued at approximately $40,000. OLD Mission Capital LLC purchased a new position in shares of Opthea in the fourth quarter valued at approximately $42,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Opthea during the fourth quarter worth approximately $556,000. Institutional investors and hedge funds 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.