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Buy Rating for Opthea Limited on Promising Phase 2b Results of Sozinibercept for Wet AMD

TipRanks

Feb. 29, 2024, 05:28 AM

Opthea Limited Sponsored ADR (OPT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Matthew Caufield from H.C. Wainwright reiterated a Buy rating on the stock and has a $14.00 price target.

Matthew Caufield has given his Buy rating due to a combination of factors pertaining to Opthea Limited Sponsored ADR and its lead asset, sozinibercept, in treating wet age-related macular degeneration (AMD). His optimism is anchored in the belief that sozinibercept, as an adjunctive therapy, can enhance clinical outcomes when combined with the standard-of-care anti-VEGF treatments. Caufield’s confidence is further bolstered by the positive results from the Phase 2b trials, which showed a meaningful improvement in visual acuity, particularly in a high responder subgroup. This lays a strong foundation for expected outcomes in the ongoing Phase 3 trials.

Furthermore, Caufield highlights sozinibercept’s novel mechanism of action, acting as a VEGF-C/D trap that addresses a gap left by existing VEGF-A therapies. This innovative approach could potentially improve treatment efficacy for patients with wet AMD, a condition that is currently inadequately addressed by standard therapies alone. By targeting additional pathways involved in the disease’s progression, sozinibercept may lead to better visual outcomes and alleviate the treatment burden, which supports the analyst’s Buy rating for Opthea Limited’s stock.