Opthea (NASDAQ:OPT) Sees Strong Trading Volume – Here’s Why

Opthea Limited (NASDAQ:OPT) saw an uptick in trading volume on Thursday . 36,145 shares changed hands during mid-day trading, a decline of 3% from the previous session’s volume of 37,414 shares.The stock last traded at $6.03 and had previously closed at $5.33.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Opthea in a research report on Wednesday, January 29th. Canaccord Genuity Group upgraded shares of Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th.

Opthea Price Performance

The firm has a fifty day moving average of $3.96 and a 200 day moving average of $3.65.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ABC Arbitrage SA bought a new position in Opthea during the fourth quarter valued at $40,000. Twin Lakes Capital Management LLC bought a new position in shares of Opthea during the third quarter valued at approximately $81,000. Finally, Jane Street Group LLC bought a new stake in shares of Opthea during the 3rd quarter worth approximately $114,000. 55.95% of the stock is currently owned by institutional investors.

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.