Opus Genetics, Inc. (NASDAQ:IRD) Stock Now Rated “Moderate Buy” by Sell-Side Brokerages

Opus Genetics, Inc. (NASDAQ:IRD) has received an average rating of “Moderate Buy” from the nineteen research firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $12.29.

IRD has been the subject of a number of analyst reports. Oppenheimer raised their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. JonesTrading upped their price target on Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday. Citizens Jmp reaffirmed a “market outperform” rating and set a $11.00 price objective on shares of Opus Genetics in a research report on Monday, June 15th. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, BTIG Research reissued a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer directly owned 556,375 shares in the company, valued at approximately $2,525,942.50. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. This trade represents a 0.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 613,331 shares of company stock valued at $2,971,509 in the last quarter. 11.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Opus Genetics in the 2nd quarter valued at approximately $12,809,000. Nantahala Capital Management LLC bought a new stake in shares of Opus Genetics in the 2nd quarter worth $12,582,185. Trails Edge Capital Partners LP bought a new position in shares of Opus Genetics during the second quarter valued at $11,276,434. ADAR1 Capital Management LLC lifted its holdings in shares of Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after purchasing an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. boosted its position in shares of Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Opus Genetics Trading Up 0.7%

IRD opened at $4.41 on Thursday. The company has a market cap of $364.49 million, a price-to-earnings ratio of -3.27 and a beta of 0.62. The stock has a fifty day simple moving average of $4.43 and a two-hundred day simple moving average of $4.40. Opus Genetics has a 12-month low of $1.70 and a 12-month high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. On average, analysts predict that Opus Genetics will post -0.99 EPS for the current year.

Opus Genetics Company Profile

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases, a group of rare disorders that can cause progressive vision loss and blindness. The company’s research is centered on therapies intended to address the underlying genetic causes of these conditions rather than treating only their symptoms.

Opus Genetics is advancing an investigational pipeline of adeno-associated virus-based gene therapy candidates for diseases involving mutations in genes important to retinal function.