Opthea downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright analyst Matthew Caufield downgraded Opthea (OPT) to Neutral from Buy with a price target of $2, down from $12 after the Phase 3 COAST Eylea combo trial failed to meet its primary endpoint. With the Phase 3 COAST trial failure of wet AMD therapy sozinibercept, and the uncertainty as to next steps for the pivotal Phase 3 program, the firm steps to the sidelines awaiting next steps, the analyst tells investors.