Opthea (NASDAQ:OPT) Sets New 1-Year High – Time to Buy?

Opthea Limited (NASDAQ:OPT) hit a new 52-week high on Thursday . The stock traded as high as $5.51 and last traded at $5.49, with a volume of 19965 shares traded. The stock had previously closed at $5.07.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Canaccord Genuity Group upgraded shares of Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Opthea in a report on Wednesday.

Opthea Stock Performance

The stock has a 50-day simple moving average of $3.74 and a 200 day simple moving average of $3.53.

Institutional Trading of Opthea

Several large investors have recently made changes to their positions in the business. ABC Arbitrage SA acquired a new stake in Opthea during the fourth quarter worth about $40,000. Twin Lakes Capital Management LLC purchased a new stake in Opthea in the 3rd quarter worth approximately $81,000. Finally, Jane Street Group LLC acquired a new stake in shares of Opthea during the 3rd quarter worth approximately $114,000. 55.95% of the stock is owned by hedge funds and other institutional investors.

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.