Opthea (NASDAQ:OPT) Shares Down 9% - Here's What Happened

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

Analyst Ratings Changes

Several research firms have commented on OPT. HC Wainwright restated a "buy" rating and set a $12.00 price objective on shares of Opthea in a report on Wednesday, January 29th. Canaccord Genuity Group upgraded Opthea to a "strong-buy" rating in a research note on Tuesday, December 17th.

Opthea Price Performance

The firm's 50-day moving average price is $4.01 and its two-hundred day moving average price is $3.66.

Institutional Trading of Opthea

Hedge funds have recently bought and sold shares of the stock. ABC Arbitrage SA purchased a new stake in Opthea during the fourth quarter valued at approximately $40,000. Twin Lakes Capital Management LLC acquired a new position in shares of Opthea during the third quarter worth $81,000. Finally, Jane Street Group LLC purchased a new stake in shares of Opthea during the 3rd quarter valued at $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.