10 Best ASX Stocks to Buy According to Hedge Funds

6. Opthea Limited (NASDAQ:OPT)

Number of Hedge Fund Holdings: 3

Opthea Limited (NASDAQ:OPT) is an Australian biotechnology company developing novel therapies to treat eye diseases, particularly those involving abnormal blood vessel growth and vascular leakage. The company collaborates with ophthalmologists and clinical researchers to advance their drug candidates through clinical development.

Opthea Limited’s (NASDAQ:OPT) lead candidate, sozinibercept, is a biologic designed to inhibit VEGF-C and VEGF-D, complementing the effects of VEGF-A inhibitors. The company is conducting two pivotal Phase 3 trials, COAST and ShORe, to assess the efficacy and safety of sozinibercept in combination with established VEGF-A inhibitors, Eylea and Lucentis. These studies have enrolled nearly 2,000 treatment-naive wet AMD patients across more than 300 global sites, with topline results expected in mid-2025.

Despite the competitive landscape of the wet AMD market, where therapies such as Eylea, Vabysmo, and Lucentis are well established, Opthea Limited (NASDAQ:OPT) is positioning sozinibercept as a complementary treatment to enhance the efficacy of existing options. The company’s strategy is centered on demonstrating that inhibiting VEGF-C and VEGF-D, in addition to VEGF-A, can lead to improved visual outcomes and better patient quality of life.