Opus Genetics (NASDAQ:IRD) Price Target Raised to $17.00

Opus Genetics (NASDAQ:IRD) had its price objective increased by JonesTrading from $10.00 to $17.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JonesTrading currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. Chardan Capital reissued a “buy” rating and issued a $16.00 target price on shares of Opus Genetics in a research note on Friday, October 2nd. Royal Bank Of Canada lowered their price target on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. BTIG Research reissued a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.29.

Opus Genetics Stock Up 1.1%

Shares of IRD opened at $4.46 on Tuesday. The business’s 50 day moving average price is $4.44 and its 200-day moving average price is $4.40. Opus Genetics has a 52 week low of $1.70 and a 52 week high of $7.07. The stock has a market cap of $368.61 million, a P/E ratio of -3.30 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. On average, equities analysts anticipate that Opus Genetics will post -0.97 EPS for the current year.

Insiders Place Their Bets

In related news, Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the sale, the director directly owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 613,331 shares of company stock valued at $2,971,509. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently bought and sold shares of IRD. Opaleye Management Inc. grew its stake in shares of 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 period. Seven Fleet Capital Management LP raised its holdings in shares of Opus Genetics by 6.6% during the second quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company’s stock valued at $588,000 after purchasing an additional 8,895 shares during the last quarter. Engineers Gate Manager LP bought a new position in Opus Genetics during the second quarter valued at approximately $50,000. Stoneridge Investment Partners LLC bought a new position in Opus Genetics during the second quarter valued at approximately $47,000. Finally, State of Wyoming purchased a new stake in Opus Genetics in the second quarter worth approximately $65,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

About Opus Genetics

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.