10 Best Long Term ASX Stocks to Buy Now

6) Opthea Limited (NASDAQ:OPT)

Number of Hedge Fund Holders: 3

Opthea Limited (NASDAQ:OPT) is a clinical-stage biopharmaceutical company, which is engaged in developing and commercializing drugs for eye diseases in Australia and the US. H.C. Wainwright analyst Matthew Caufield reiterated a “Buy” rating on the company’s shares, setting a price objective of $12.00. The rating is backed by a combination of factors related to its innovative approach to treating wet AMD. Opthea Limited (NASDAQ:OPT)’s lead product, sozinibercept, happens to be a novel VEGF-C/D trap currently in Phase 3 trials, with critical data projected in 2025.

It is being evaluated in 2 fully enrolled pivotal Phase 3 clinical trials (COAST and ShORe) for use in combination with standard-of-care anti-VEGF-A therapies to improve overall efficacy and offer superior vision gains as compared to standard-of-care anti-VEGF-A agents alone. The analyst lauded the strategic commercial positioning of sozinibercept, highlighting its potential use as a first-line therapy in treatment-naïve patients. Furthermore, the potential for broader adoption is aided by the prospect of better visual acuity outcomes, which can appeal to key opinion leaders and payers alike. Such factors, together with optimism around the product’s market positioning and patient impact, support the rating on Opthea Limited (NASDAQ:OPT).

Opthea Limited (NASDAQ:OPT) strengthened its balance sheet with ~US$300 million in financing proceeds, and anticipates existing cash and cash equivalents to finance the company through the expected topline data readouts of COAST in early Q2 CY 2025 and ShORe in mid-CY 2025.