Opthea (NASDAQ:OPT) Shares Gap Up - What's Next?

Opthea Limited Unsponsored ADR (NASDAQ:OPT - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $3.18, but opened at $3.48. Opthea shares last traded at $3.41, with a volume of 3,000 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Oppenheimer cut shares of Opthea from an "outperform" rating to a "market perform" rating in a report on Monday, March 24th. Jefferies Financial Group reaffirmed an "underperform" rating and issued a $1.00 price target (down previously from $8.00) on shares of Opthea in a report on Tuesday, March 25th. Leerink Partners downgraded Opthea from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $12.00 to $1.00 in a research report on Tuesday, March 25th. 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, March 25th. Finally, Leerink Partnrs downgraded Opthea from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 24th. One research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $1.33.

Opthea Stock Up 7.2%

The stock's 50 day moving average is $3.41 and its two-hundred day moving average is $3.80.

Hedge Funds Weigh In On Opthea

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Regal Partners Ltd raised its stake in Opthea by 78.6% in the 1st quarter. Regal Partners Ltd now owns 5,193,688 shares of the company's stock valued at $17,710,000 after purchasing an additional 2,286,285 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in shares of Opthea during the fourth quarter worth $556,000. Citadel Advisors LLC acquired a new stake in shares of Opthea in the fourth quarter valued at about $79,000. Twin Lakes Capital Management LLC lifted its stake in shares of Opthea by 67.4% in the first quarter. Twin Lakes Capital Management LLC now owns 33,156 shares of the company's stock worth $113,000 after buying an additional 13,350 shares in the last quarter. Finally, OLD Mission Capital LLC purchased a new position in shares of Opthea in the fourth quarter worth about $42,000. Hedge funds and other 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.