Why Opthea Stock Skyrocketed Today

Shares of Opthea (NASDAQ: OPT) were skyrocketing 18% as of 3:22 p.m. EDT on Wednesday after jumping as much as 88.7% earlier in the day. The huge gain didn't result from the company's own news. Instead, some investors appear to think that positive safety results from a clinical study announced yesterday by Clearside Biomedical (NASDAQ: CLSD) could bode well for Opthea.

Both Opthea and Clearside Biomedical are developing experimental drugs that target wet age-related macular degeneration (AMD). Clearside's phase 1/2a safety results reported on Tuesday for CLS-AX indicated that the drug was well tolerated with no drug-related adverse events.

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Source Fool.com