Opthea (NASDAQ:OPT) Shares Up 7.2% - Here's What Happened

Opthea Limited (NASDAQ:OPT - Get Free Report) shares 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 changed hands during trading, a decline of 89% from the average session volume of 26,905 shares. The stock had previously closed at $3.18.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OPT. Oppenheimer lowered Opthea from an "outperform" rating to a "market perform" rating in a report on Monday, March 24th. HC Wainwright cut shares of Opthea from a "buy" rating to a "neutral" rating and reduced their target price for the company from $12.00 to $2.00 in a research note on Tuesday, March 25th. Jefferies Financial Group reiterated an "underperform" rating and issued a $1.00 target price (down from $8.00) on shares of Opthea in a research note on Tuesday, March 25th. Leerink Partnrs lowered shares of Opthea from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 24th. Finally, Leerink Partners lowered shares of Opthea from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $12.00 to $1.00 in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $1.33.

Opthea Price Performance

The stock's 50 day moving average price is $3.41 and its two-hundred day moving average price is $3.81.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. EP Wealth Advisors LLC acquired a new position in shares of Opthea in the first quarter valued at $34,000. ABC Arbitrage SA bought a new position in shares of Opthea during the fourth quarter valued at $40,000. OLD Mission Capital LLC bought a new position in Opthea during the 4th quarter valued at about $42,000. Citadel Advisors LLC bought a new position in Opthea during the 4th quarter valued at about $79,000. Finally, Twin Lakes Capital Management LLC lifted its holdings in Opthea by 67.4% during 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. 55.95% of the stock is currently owned by institutional investors and hedge funds.

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.