Opthea price target lowered to $31 from $36 at Oppenheimer
The Fly

Opthea price target lowered to $31 from $36 at Oppenheimer

Oppenheimer lowered the firm’s price target on Opthea to $31 from $36 and keeps an Outperform rating on the shares following first half-year 2023 financial results. Enrollment is ongoing globally for concurrent Phase 3 trials, COAST/ShORe in wAMD, testing superiority over SoC Eylea and Lucentis via mean change in BCVA letters 52 weeks from baseline, the firm says. Patient enrollment is tracking for year-end 2023 completion; top-line readout is expected after all patients complete the 52-week treatment period. As a differentiated VEGF-C/D "trap" inhibitor, OPT-302 has, Oppenheimer believes, the potential to show added benefit to any anti-VEGF-A agent.

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