Opus Genetics (NASDAQ:IRD) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts also recently commented on IRD. TD Cowen initiated coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating on the stock. Wedbush increased their price target on shares of Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, September 10th. Chardan Capital raised their price target on shares of Opus Genetics from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Opus Genetics currently has an average rating of “Moderate Buy” and a consensus price target of $11.92.

Opus Genetics Price Performance

IRD opened at $4.76 on Friday. The company’s 50 day simple moving average is $4.19 and its two-hundred day simple moving average is $4.41. Opus Genetics has a 1-year low of $1.50 and a 1-year high of $7.07. The firm has a market capitalization of $393.41 million, a price-to-earnings ratio of -3.53 and a beta of 0.58.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. On average, equities analysts anticipate that Opus Genetics will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Opus Genetics news, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the transaction, the chief financial officer owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This trade represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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 the stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. The trade was 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 57,331 shares of company stock valued at $213,749 in the last 90 days. Company insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Large investors have recently made changes to their positions in the company. Opaleye Management Inc. lifted its stake in Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after acquiring an additional 5,000 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Opus Genetics in the 2nd quarter valued at approximately $50,000. Squarepoint Ops LLC acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $1,360,000. Nantahala Capital Management LLC acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $12,582,185. Finally, Empowered Funds LLC purchased a new stake in shares of Opus Genetics during the 2nd quarter worth $173,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

About Opus Genetics

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics’ pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.