Opthea (NASDAQ:OPT) Downgraded by Leerink Partners to “Market Perform”

Leerink Partners cut shares of Opthea (NASDAQ:OPT) from an outperform rating to a market perform rating in a research report released on Tuesday morning, MarketBeat reports. The brokerage currently has $1.00 target price on the stock, down from their prior target price of $12.00.

Other analysts have also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $12.00 price target on shares of Opthea in a report on Friday, February 28th. Canaccord Genuity Group raised shares of Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. Jefferies Financial Group reiterated an “underperform” rating and set a $1.00 price target (down previously from $8.00) on shares of Opthea in a research report on Tuesday. Finally, Oppenheimer lowered shares of Opthea from an “outperform” rating to a “market perform” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.33.

Opthea Stock Up 7.2 %

OPT opened at $3.41 on Tuesday. Opthea has a one year low of $1.79 and a one year high of $6.30. The business has a 50 day simple moving average of $4.42 and a two-hundred day simple moving average of $4.07.

Institutional Trading of Opthea

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ABC Arbitrage SA purchased a new stake in shares of Opthea in the fourth quarter worth $40,000. OLD Mission Capital LLC bought a new stake in shares of Opthea during the fourth quarter valued at approximately $42,000. Twin Lakes Capital Management LLC purchased a new position in Opthea in the 3rd quarter worth approximately $81,000. Citadel Advisors LLC purchased a new stake in Opthea during the 4th quarter valued at $79,000. Finally, Jane Street Group LLC bought a new stake in shares of Opthea in the 3rd quarter worth $114,000. Hedge funds and other institutional investors own 55.95% of the company’s stock.

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.