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Potential Buy Entry Alert to Watch OPT
Time Frame : Daily/Weekly
Sector : Materials/Basic Materials
Key Stats : $167.11 Million Market Cap, VWAP 0.71, ASX Ranking 587, 4 Week Av Turnover $136,135, Current Turnover (Intraday as at time of alert) $3,089,084.
Company Overview : Opthea Limited (OPT, formerly Circadian Technologies Limited) is a biologics drug developer focusing on ophthalmic disease therapies. Opthea’s lead molecule is OPT-302 for the treatment of ‘back of the eye’ disease such as wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). OPT-302 is a soluble form of VEGFR-3 that acts a VEGF-C/VEGF-D ‘trap’.
Broker Consensus : BUY
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OPT – Opthea Limited
OPT recently backed off from resistance at 0.80 and today has seen a spike in volume on a ‘special crossing’ prior to market open. We view this as a potential pick up in interest from buyers so will be watching for minor higher lows off the deep pullback to 0.65. We expect, if we see favorable price action, a push up through the 0.80 zone for a continuation of the weekly trend higher.
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Stock Code : OPT – Opthea Limited
Company Website : www.opthea.com
Current Price : 0.73
Status : On watch for potential higher low for entry
