Opthea (NASDAQ:OPT) Shares Down 4.1% – Here’s What Happened

Opthea Limited (NASDAQ:OPT) shares were down 4.1% during mid-day trading on Monday . The company traded as low as $5.38 and last traded at $5.50. Approximately 14,610 shares were traded during trading, a decline of 60% from the average daily volume of 36,359 shares. The stock had previously closed at $5.73.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OPT. Canaccord Genuity Group upgraded Opthea to a “strong-buy” rating in a report on Tuesday, December 17th. HC Wainwright restated a “buy” rating and issued a $12.00 price target on shares of Opthea in a report on Wednesday, January 29th.

Opthea Trading Down 4.2 %

The firm has a 50-day simple moving average of $4.12 and a 200-day simple moving average of $3.75.

Hedge Funds Weigh In On Opthea

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ABC Arbitrage SA acquired a new stake in shares of Opthea in the 4th quarter worth $40,000. Twin Lakes Capital Management LLC purchased a new stake in Opthea in the third quarter valued at about $81,000. Finally, Jane Street Group LLC acquired a new stake in Opthea in the third quarter worth about $114,000. Hedge funds and other institutional investors own 55.95% of the company’s stock.

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.