Opthea (NASDAQ:OPT) Shares Up 7.2% - Should You Buy?

Key Points

• Opthea (NASDAQ:OPT) shares increased by 7.2%, reaching a last traded price of $3.41 after closing at $3.18.
• A significant amount of institutional activity was noted, with hedge funds modifying their holdings, and collectively owning 55.95% of the company's stock.
• Opthea is a clinical-stage biopharmaceutical company focused on developing therapies for eye diseases based on their intellectual property in vascular growth factors.

Opthea Limited Unsponsored ADR (NASDAQ:OPT - )'s stock price shot up 7.2% during mid-day trading on Thursday . The company traded as high as $3.48 and last traded at $3.41. 3,000 shares traded hands during mid-day trading, The stock had previously closed at $3.18.

Opthea Price Performance

The business has a 50 day moving average price of $3.41 and a 200-day moving average price of $3.41.

Hedge Funds Weigh In On Opthea

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Citadel Advisors LLC purchased a new position in Opthea in the fourth quarter valued at approximately $79,000. EP Wealth Advisors LLC purchased a new position in Opthea during the first quarter worth about $34,000. OLD Mission Capital LLC boosted its holdings in shares of Opthea by 78.7% in the 1st quarter. OLD Mission Capital LLC now owns 19,167 shares of the company's stock worth $65,000 after purchasing an additional 8,439 shares in the last quarter. Regal Partners Ltd boosted its holdings in Opthea by 78.6% during the 1st quarter. Regal Partners Ltd now owns 5,193,688 shares of the company's stock valued at $17,710,000 after acquiring an additional 2,286,285 shares during the period. Finally, Twin Lakes Capital Management LLC lifted its position in Opthea by 67.4% in the first quarter. Twin Lakes Capital Management LLC now owns 33,156 shares of the company's stock valued at $113,000 after purchasing an additional 13,350 shares during the last quarter. Hedge funds and other institutional investors own 55.95% of the company's stock.

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.

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