Hang in there!!, page-7

This update came out 4-5 days ago. They mention Phase 3 read-out expected in mid-2024 which based on current company guidance surely can't be correct...

Goldman sets huge price target on Opthea

Goldman Sachs has a Buy recommendation on Opthea (ASX:OPT), with a huge 12-month target price of $2.80 (vs current price of $0.60).

Opthea is an eye disease specialist conducting not one but two concurrent Phase 3 clinical trials with OPT-302 (drug name “sozinibercept”) for the treatment of wet AMD – a chronic eye disorder that causes blurred vision or a blind spot in your visual field.

Goldman says there are several drug candidates being evaluated in the US$13bn+ retinal disease markets, but believes OPT-302 is particularly interesting since it has demonstrated improved efficacy above the existing standard of care in a large Phase 2b study.

In the latest results, OPT-302 was shown to have a novel mechanism of action and a favourable safety profile.

“A similar result in the ongoing Phase 3 trials (ShORe and COAST) would be considered clinically meaningful, and would likely present attractive commercial opportunities,” noted Goldman.

Goldman says that setbacks encountered by drugmakers Kodiak and Adverum demonstrated that there is likely to be strong clinical interest in a new approach and a new drug.

Opthea is fully funded to take the ongoing clinical trials to a top-line Phase 3 read-out, which is expected in mid-2024.

Key risks for buying this stock, according to Goldman, include replicability of positive data in larger Phase 3 studies, lack of regulatory approval, and potential changes in competitive dynamic such as pricing and reimbursement.