Opthea (NASDAQ:OPT) Shares Gap Up – Here’s What Happened

Opthea Limited (NASDAQ:OPT) gapped up prior to trading on Friday . The stock had previously closed at $5.49, but opened at $5.68. Opthea shares last traded at $5.65, with a volume of 6,031 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OPT. Canaccord Genuity Group upgraded Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $12.00 target price on shares of Opthea in a research note on Wednesday.

Opthea Stock Up 1.3 %

The firm has a fifty day simple moving average of $3.83 and a two-hundred day simple moving average of $3.58.

Institutional Investors Weigh In On Opthea

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in Opthea in the 3rd quarter worth approximately $114,000. Twin Lakes Capital Management LLC bought a new stake in shares of Opthea during the 3rd quarter worth $81,000. Finally, ABC Arbitrage SA bought a new position in Opthea in the fourth quarter valued at $40,000. 55.95% of the stock is owned by hedge funds and other institutional investors.

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.