Opthea (NASDAQ:OPT) Stock Rating Lowered by Leerink Partners

Opthea (NASDAQ:OPT) was downgraded by equities researchers at Leerink Partners from an “outperform” rating to a “market perform” rating in a report issued on Tuesday,Briefing.com Automated Import reports. They currently have a $1.00 target price on the stock, down from their prior target price of $12.00. Leerink Partners’ price target would suggest a potential downside of 70.67% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Oppenheimer downgraded Opthea from an “outperform” rating to a “market perform” rating in a research report on Monday. HC Wainwright reiterated a “buy” rating and set 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 report on Tuesday, December 17th. Finally, Jefferies Financial Group reaffirmed an “underperform” rating and set a $1.00 target price (down from $8.00) on shares of Opthea in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Opthea presently has a consensus rating of “Hold” and an average target price of $1.33.

Opthea Price Performance

OPT opened at $3.41 on Tuesday. The company’s 50 day simple moving average is $4.43 and its two-hundred day simple moving average is $4.07. Opthea has a 1-year low of $1.79 and a 1-year high of $6.30.

Hedge Funds Weigh In On Opthea

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

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.