Opthea (NASDAQ:OPT) Downgraded to Hold Rating by Leerink Partnrs

Leerink Partnrs cut shares of Opthea (NASDAQ:OPT) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other analysts have also weighed in on the company. Leerink Partners lowered Opthea from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $12.00 to $1.00 in a report on Tuesday. Jefferies Financial Group reissued an “underperform” rating and issued a $1.00 price objective (down from $8.00) on shares of Opthea in a research note on Tuesday. Oppenheimer cut shares of Opthea from an “outperform” rating to a “market perform” rating in a research report on Monday. HC Wainwright downgraded shares of Opthea from a “buy” rating to a “neutral” rating and reduced their price target for the company from $12.00 to $2.00 in a report on Tuesday. Finally, Canaccord Genuity Group raised shares of Opthea to a “strong-buy” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $1.33.

Opthea Stock Performance

OPT opened at $3.41 on Monday. Opthea has a 1-year low of $1.79 and a 1-year high of $6.30. The stock’s 50 day simple moving average is $4.42 and its 200 day simple moving average is $4.07.

Institutional Investors Weigh In On Opthea

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC acquired a new stake in Opthea during the third quarter worth approximately $114,000. ABC Arbitrage SA purchased a new position in shares of Opthea during the 4th quarter worth $40,000. Citadel Advisors LLC acquired a new stake in shares of Opthea during the fourth quarter worth $79,000. Hsbc Holdings PLC purchased a new stake in shares of Opthea in the fourth quarter valued at $556,000. Finally, OLD Mission Capital LLC acquired a new position in Opthea in the fourth quarter valued at $42,000. 55.95% of the stock is currently 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.