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

Shares of Opthea Limited (NASDAQ:OPT) gapped up before the market opened on Friday . The stock had previously closed at $3.07, but opened at $3.22. Opthea shares last traded at $3.24, with a volume of 8,734 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OPT. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Opthea in a research report on Friday, February 28th. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th.

Opthea Stock Performance

The stock’s 50 day simple moving average is $4.48 and its 200-day simple moving average is $4.04.

Institutional Trading of Opthea

Several hedge funds have recently modified their holdings of the stock. ABC Arbitrage SA acquired a new stake in Opthea in the 4th quarter valued at about $40,000. OLD Mission Capital LLC purchased a new position in Opthea in the fourth quarter worth approximately $42,000. Citadel Advisors LLC acquired a new position in Opthea during the 4th quarter worth approximately $79,000. Twin Lakes Capital Management LLC purchased a new stake in shares of Opthea in the 3rd quarter valued at approximately $81,000. Finally, Jane Street Group LLC acquired a new stake in shares of Opthea in the 3rd quarter valued at $114,000. 55.95% of the stock is currently owned by institutional investors and hedge funds.

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.