Thursday - Opthea Ltd. (NASDAQ:OPT) has received a positive outlook from Oppenheimer, with the firm raising the biotechnology company's price target to $18 from $16 while maintaining an Outperform rating. The adjustment follows a virtual Key Opinion Leader (KOL) event and a subsequent meeting with Opthea's management team, including the CEO and CFO.The company has successfully completed enrollment for its COAST trial and is on track to finish the ShORe trial in the second quarter of 2024. Both global Phase 3 trials are evaluating Opthea's product candidate sozinibercept for its effectiveness in treating wet age-related macular degeneration (wAMD) compared to the standard of care, Eylea and Lucentis, by measuring the mean change in Best Corrected Visual Acuity (BCVA) letters 52 weeks from baseline.During the KOL event, experts emphasized the need for improved vision in wAMD patients and highlighted the promising data from sozinibercept's Phase 2b studies. They also discussed the design of the ongoing Phase 3 trials, which is considered robust by the industry standards. The anticipation for topline data from these trials is set for the middle of 2025.Opthea's financial results from the first half of 2024 have been incorporated into Oppenheimer's revised model, which supports their bullish stance on the stock. The company's progress in its clinical trials appears to be a significant factor in the investment firm's decision to raise the price target.InvestingPro InsightsIn light of Opthea Ltd.'s recent developments and the positive outlook from Oppenheimer, a look at the real-time data from InvestingPro provides additional context for investors. The company's market capitalization stands at $293.82 million, underscoring its position within the biotechnology sector. Despite the challenges of being unprofitable over the last twelve months, as indicated by a negative P/E ratio of -1.38, Opthea's liquid assets do exceed short-term obligations, which may provide some financial stability as it continues to invest in clinical trials.
https://www.investing.com/news/company-news/opthea-shares-target-raised-on-trial-progress-93CH-3397838
Opthea shares target raised on trial progress
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