Opthea's U.S. shares jump as SVB initiates with 'outperform' rating

Opthea

26/04/2022 15:03

** U.S.-listed shares of Australian drug developer Opthea
 OPT.O   OPT.AX  jump 11.4% to $6.36 in early trade after SVB
Leerink starts coverage of the stock with "outperform" rating
and $25 PT 
    ** SVB optimistic about co's lead drug to treat wet
age-related macular degeneration (AMD), a chronic eye disorder,
saying it represents a significant market opportunity for co
    ** Adds that when drug OPT-302 is used in combination with
other anti-vascular endothelial growth factor (VEGF) opthalmic
drugs, it showed improved outcomes
    ** Anti-VEGF drugs are a group of medicines that reduce new
blood vessel growth, which make them useful for treating eye
conditions related to it
    ** OPT-302 currently in two late-stage trials for treatment
of wet AMD and has earlier shown improved clinical outcomes when
combined with Regeneron Pharmaceuticals'  REGN.O  blockbuster
drug, Eylea
    ** 3 of 4 brokerages rate the stock "buy" or higher, 1
"hold"; their median PT is $36
    ** Stock down 24% YTD up to last close

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))