Ann: Opthea Reports Positive Ph2a Trial Results of OPT-302 in DME, page-96

In the GS report, the reason their original price target remained is because their initial 'probability of success' for this trial was only 20% - that was the assumption they made for the $5.20 price target for 12 months. Nothing material was shown in the current release in GS's opinion to change that so they did not change their valuation. They reiterated that DME is 1) one of 2 applications of OPT-302 AND 2) by far the smaller application.

Markets are overreacting which is typical in the biotech space when you do not understand the results.

I initially did not understand at first glance either and I am a medical professional so more familiar with the jargons vs general public.

IMO, like all biotechs this is not without risks but if you read GS's report, I would say that is far more rational than whatever is happening and the storm should calm down soon.