Opthea (NASDAQ:OPT) Stock Price Up 7.2% - Time to Buy?

Opthea Limited Unsponsored ADR (NASDAQ:OPT - Get Free Report)'s share price rose 7.2% during mid-day trading on Thursday . The company traded as high as $3.48 and last traded at $3.41. Approximately 3,000 shares changed hands during trading, a decline of 89% from the average daily volume of 26,536 shares. The stock had previously closed at $3.18.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. HC Wainwright downgraded shares of Opthea from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $12.00 to $2.00 in a research note on Tuesday, March 25th. Leerink Partnrs downgraded shares of Opthea from a "strong-buy" rating to a "hold" rating in a report on Monday, March 24th. Oppenheimer cut Opthea from an "outperform" rating to a "market perform" rating in a report on Monday, March 24th. Leerink Partners cut Opthea from an "outperform" rating to a "market perform" rating and cut their price target for the company from $12.00 to $1.00 in a report on Tuesday, March 25th. Finally, Jefferies Financial Group reiterated an "underperform" rating and set a $1.00 price objective (down previously from $8.00) on shares of Opthea in a research report on Tuesday, March 25th. One investment 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 company's stock. Based on data from MarketBeat, Opthea currently has an average rating of "Hold" and an average price target of $1.33.

Opthea Stock Performance

The business's 50 day simple moving average is $3.41 and its 200 day simple moving average is $3.79.

Institutional Trading of Opthea

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. OLD Mission Capital LLC grew its position in Opthea by 78.7% in the first quarter. OLD Mission Capital LLC now owns 19,167 shares of the company's stock worth $65,000 after acquiring an additional 8,439 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Opthea in the 1st quarter valued at $34,000. Twin Lakes Capital Management LLC lifted its stake in shares of Opthea by 67.4% in the 1st 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. Citadel Advisors LLC purchased a new position in shares of Opthea during the 4th quarter worth $79,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Opthea during the 4th quarter worth about $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.

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