Opthea (NASDAQ:OPT) Sees Strong Trading Volume – Time to Buy?

Opthea Limited (NASDAQ:OPT) shares saw unusually-high trading volume on Friday . Approximately 30,043 shares changed hands during mid-day trading, an increase of 19% from the previous session’s volume of 25,264 shares.The stock last traded at $3.51 and had previously closed at $3.52.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group upgraded shares of Opthea to a “strong-buy” rating in a report on Tuesday, December 17th. HC Wainwright restated a “buy” rating and set a $12.00 price target on shares of Opthea in a research note on Friday, February 28th.

Opthea Stock Performance

The stock’s 50 day simple moving average is $4.54 and its two-hundred day simple moving average is $4.02.

Institutional Trading of Opthea

Several institutional investors have recently made changes to their positions in OPT. Hsbc Holdings PLC bought a new position in Opthea during the fourth quarter worth about $556,000. Jane Street Group LLC acquired a new position in shares of Opthea in the 3rd quarter worth approximately $114,000. Citadel Advisors LLC bought a new position in shares of Opthea during the 4th quarter worth approximately $79,000. Twin Lakes Capital Management LLC bought a new stake in Opthea in the third quarter valued at $81,000. Finally, OLD Mission Capital LLC bought a new stake in Opthea in the fourth quarter valued at $42,000. 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.