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

Opthea Limited (NASDAQ:OPT) shares gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

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

Opthea Trading Up 3.6 %

The company’s 50 day moving average price is $4.47 and its 200 day moving average price is $4.04.

Institutional Investors Weigh In On Opthea

Several institutional investors and hedge funds have recently made changes to their positions in OPT. Jane Street Group LLC acquired a new stake in shares of Opthea during the third quarter worth $114,000. Twin Lakes Capital Management LLC acquired a new stake in shares of Opthea during the third quarter worth $81,000. ABC Arbitrage SA acquired a new stake in shares of Opthea during the fourth quarter worth $40,000. OLD Mission Capital LLC purchased a new position in shares of Opthea during the fourth quarter worth $42,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Opthea during the fourth quarter worth $556,000. 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.