Opthea (NASDAQ:OPT) Lowered to “Market Perform” Rating by Leerink Partners

Opthea (NASDAQ:OPT) was downgraded by equities researchers at Leerink Partners from an “outperform” rating to a “market perform” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. They currently have a $1.00 price objective on the stock, down from their previous price objective of $12.00. Leerink Partners’ price target suggests a potential downside of 70.67% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group upgraded Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. Oppenheimer downgraded shares of Opthea from an “outperform” rating to a “market perform” rating in a research note on Monday. Jefferies Financial Group reiterated an “underperform” rating and set a $1.00 price target (down previously from $8.00) on shares of Opthea in a report on Tuesday. Finally, HC Wainwright restated a “buy” rating and issued a $12.00 price objective on shares of Opthea in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $1.33.

Opthea Trading Up 7.2 %

Shares of NASDAQ OPT opened at $3.41 on Tuesday. The business’s fifty day simple moving average is $4.43 and its 200-day simple moving average is $4.07. Opthea has a 12-month low of $1.79 and a 12-month high of $6.30.

Hedge Funds Weigh In On Opthea

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OPT. Citadel Advisors LLC acquired a new stake in Opthea during the fourth quarter worth approximately $79,000. Hsbc Holdings PLC acquired a new position in shares of Opthea in the 4th quarter valued at $556,000. OLD Mission Capital LLC purchased a new position in shares of Opthea in the 4th quarter valued at $42,000. ABC Arbitrage SA acquired a new stake in Opthea during the 4th quarter worth $40,000. Finally, Twin Lakes Capital Management LLC acquired a new stake in Opthea during the 3rd quarter worth $81,000. 55.95% of the stock is 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.