Opthea (NASDAQ:OPT) Stock Price Down 9% – Here’s What Happened

Opthea Limited (NASDAQ:OPT) traded down 9% on Monday . The company traded as low as $5.03 and last traded at $5.06. 5,829 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 36,737 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

OPT has been the subject of a number of analyst reports. Canaccord Genuity Group upgraded shares of Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of Opthea in a report on Wednesday, January 29th.

Opthea Stock Performance

The firm has a fifty day moving average price of $3.91 and a 200 day moving average price of $3.63.

Institutional Investors Weigh In On Opthea

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