Opthea (NASDAQ:OPT) Sees Unusually-High Trading Volume – Should You Buy?

Opthea Limited (NASDAQ:OPT) shares saw strong trading volume on Friday . 30,043 shares changed hands during trading, an increase of 19% from the previous session’s volume of 25,264 shares.The stock last traded at $3.51 and had previously closed at $3.52.

Analysts Set New Price Targets

OPT has been the subject of a number of research reports. HC Wainwright reissued a “buy” rating and set a $12.00 target price on shares of Opthea in a research note on Friday, February 28th. Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a research report on Tuesday, December 17th.

Opthea Price Performance

The stock’s 50 day simple moving average is $4.54 and its 200-day simple moving average is $4.02.

Institutional Investors Weigh In On Opthea

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in shares of Opthea in the third quarter valued at approximately $114,000. Twin Lakes Capital Management LLC bought a new position in Opthea in the 3rd quarter worth $81,000. ABC Arbitrage SA acquired a new position in Opthea during the 4th quarter worth $40,000. OLD Mission Capital LLC bought a new stake in Opthea during the fourth quarter valued at about $42,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Opthea in the fourth quarter valued at about $556,000. 55.95% of the stock is currently owned by institutional investors and hedge funds.

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.