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

Shares of Opthea Limited (NASDAQ:OPT) saw an uptick in trading volume on Thursday . 36,145 shares traded 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.

Wall Street Analysts Forecast Growth

OPT has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised 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 research report on Wednesday, January 29th.

Opthea Stock Up 4.3 %

The business has a fifty day moving average of $3.96 and a two-hundred day moving average of $3.65.

Hedge Funds Weigh In On Opthea

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new position in Opthea in the third quarter worth approximately $114,000. Twin Lakes Capital Management LLC acquired a new position in shares of Opthea in the 3rd quarter valued at $81,000. Finally, ABC Arbitrage SA purchased a new position in shares of Opthea during the 4th quarter worth $40,000. Institutional investors and hedge funds 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.