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

Shares of Opthea Limited (NASDAQ:OPT) have received an average recommendation of “Hold” from the six ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $1.33.

Several research firms have issued reports on OPT. HC Wainwright cut shares of Opthea from a “buy” rating to a “neutral” rating and lowered their target price for the company from $12.00 to $2.00 in a research note on Tuesday, March 25th. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a report on Tuesday, December 17th. Oppenheimer lowered Opthea from an “outperform” rating to a “market perform” rating in a report on Monday, March 24th. Leerink Partnrs downgraded Opthea from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 24th. Finally, Jefferies Financial Group reiterated an “underperform” rating and set a $1.00 price objective (down from $8.00) on shares of Opthea in a research note on Tuesday, March 25th.

Institutional Investors Weigh In On Opthea

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

Opthea Stock Performance

Shares of NASDAQ OPT opened at $3.41 on Wednesday. Opthea has a twelve month low of $1.79 and a twelve month high of $6.30. The company has a 50 day moving average of $4.38 and a 200 day moving average of $4.08.

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.