Opus Genetics, Inc. (NASDAQ:IRD) Stock Has Average Target Price of $12.71

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have been assigned an average rating of “Moderate Buy” from the nineteen research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, sixteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $12.71.

A number of analysts recently commented on IRD shares. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. BTIG Research reiterated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. Royal Bank Of Canada decreased their target price on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th.

Opus Genetics Price Performance

Shares of Opus Genetics stock opened at $3.68 on Monday. Opus Genetics has a one year low of $1.70 and a one year high of $7.07. The stock’s 50-day moving average is $4.49 and its 200 day moving average is $4.14. The firm has a market cap of $304.15 million, a price-to-earnings ratio of -2.73 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts expect that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Buying and Selling

In other Opus Genetics news, President Benjamin R. Yerxa sold 33,189 shares of the business’s stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $3.54, for a total transaction of $117,489.06. Following the completion of the sale, the president directly owned 670,917 shares of the company’s stock, valued at approximately $2,375,046.18. The trade was a 4.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,591 shares of the stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $3.58, for a total value of $34,335.78. Following the completion of the sale, the chief executive officer directly owned 2,038,894 shares of the company’s stock, valued at approximately $7,299,240.52. This trade represents a 0.47% 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. Insiders have sold a total of 645,547 shares of company stock worth $3,103,375 over the last 90 days. Company insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IRD. Miller Financial Services LLC lifted its stake in Opus Genetics by 11.1% during the third quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock worth $145,000 after purchasing an additional 3,000 shares during the last quarter. Sanders Morris Harris LLC bought a new position in Opus Genetics during the third quarter valued at approximately $58,000. Opaleye Management Inc. grew its holdings in shares of Opus Genetics by 0.4% during the 2nd 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. Engineers Gate Manager LP purchased a new position in Opus Genetics in the 2nd quarter worth $50,000. Finally, Squarepoint Ops LLC bought a new position in shares of Opus Genetics in the second quarter worth approximately $1,360,000. 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 (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.