Opthea (NASDAQ:OPT) Trading Down 2.4% – Time to Sell?

Opthea Limited (NASDAQ:OPT) shares dropped 2.4% on Wednesday . The company traded as low as $3.69 and last traded at $3.73. Approximately 2,618 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 21,319 shares. The stock had previously closed at $3.82.

Analyst Ratings Changes

Separately, Canaccord Genuity Group raised Opthea to a “strong-buy” rating in a report on Tuesday, December 17th.

Opthea Price Performance

The stock has a fifty day simple moving average of $3.59 and a two-hundred day simple moving average of $3.35.

Institutional Trading of Opthea

A hedge fund recently bought a new stake in Opthea stock. Twin Lakes Capital Management LLC acquired a new stake in Opthea Limited (NASDAQ:OPT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 19,806 shares of the company’s stock, valued at approximately $81,000. 55.95% of the stock is 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.