Opthea (NASDAQ:OPT) Shares Gap Up - Here's Why

Opthea Limited (NASDAQ:OPT - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $3.55, but opened at $4.18. Opthea shares last traded at $3.88, with a volume of 21,497 shares.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and issued a $12.00 target price on shares of Opthea in a research note on Friday, February 28th. Canaccord Genuity Group upgraded shares of Opthea to a "strong-buy" rating in a research note on Tuesday, December 17th.

Opthea Trading Down 0.3 %

The firm's fifty day moving average price is $4.53 and its two-hundred day moving average price is $4.04.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC purchased a new position in shares of Opthea during the fourth quarter valued at approximately $556,000. Jane Street Group LLC purchased a new stake in Opthea during the third quarter valued at approximately $114,000. Citadel Advisors LLC purchased a new stake in Opthea during the fourth quarter valued at approximately $79,000. Twin Lakes Capital Management LLC purchased a new stake in Opthea during the third quarter valued at approximately $81,000. Finally, OLD Mission Capital LLC purchased a new stake in shares of Opthea in the fourth quarter worth $42,000. 55.95% of the stock is owned by hedge funds and other institutional investors.

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.