Oppenheimer analyst Hartaj Singh lowered the firm’s price target on Opthea to $16 from $31 to incorporate the recent financing, while keeping an Outperform rating on the shares. The firm recently caught up with the CEO and CFO of Opthea to discuss the newly announced equity financing as well as operational updates for the fiscal year ended 06/30/23. While the Phase 3 program enrollment of sozinibercept +/- aflibercept/ranibizumab in wAMD is now expected to conclude in the first half of 2024, the company has been successful in raising capital to fund the late-stage development, Oppenheimer says.
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Read More on OPT:
- Opthea to Present at the H.C. Wainwright 25th Annual Global Investment Conference
- Opthea Successfully Completes Institutional Offer and Increases Capital Raising to A$90.0m (US$57.6 million¹)
- Opthea Ltd (ADR) trading halted, news pending
- Oppenheimer biotechnology analysts to hold an analyst/industry conference call
- Opthea Announces “Sozinibercept” as the Nonproprietary Drug Name for OPT-302
