Opus Genetics, Inc. (NASDAQ:IRD) Stock Rated “Moderate Buy” by Wall Street Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned a consensus recommendation of “Moderate Buy” from the nineteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $12.71.

IRD has been the topic of a number of recent analyst reports. JonesTrading increased their target price on shares of Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. Wedbush upped their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, September 10th. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. BTIG Research restated a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, October 15th.

Opus Genetics Stock Performance

NASDAQ IRD opened at $3.67 on Monday. The stock’s 50 day simple moving average is $4.47 and its 200-day simple moving average is $4.15. Opus Genetics has a 1-year low of $1.70 and a 1-year 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. As a group, sell-side analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insider Activity

In other Opus Genetics news, CEO George Magrath sold 9,591 shares of the company’s stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.58, for a total value of $34,335.78. Following the completion of the transaction, the chief executive officer directly owned 2,038,894 shares of the company’s stock, valued at $7,299,240.52. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.55, for a total value of $49,700.00. Following the completion of the transaction, the chief financial officer directly owned 542,375 shares in the company, valued at approximately $1,925,431.25. The trade was a 2.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 645,547 shares of company stock worth $3,103,375. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently added to or reduced their stakes in IRD. BlackRock Inc. bought a new position in shares of Opus Genetics in the 2nd quarter valued at $12,809,000. Nantahala Capital Management LLC bought a new stake in Opus Genetics during the 2nd quarter worth approximately $12,582,185. Trails Edge Capital Partners LP bought a new stake in Opus Genetics during the second quarter worth $11,276,434. ADAR1 Capital Management LLC grew its stake in shares of Opus Genetics by 4,522.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after acquiring an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. raised its holdings 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 valued at $4,624,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds 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 (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.