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

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

A number of other research analysts have also recently issued reports on the stock. BTIG Research reaffirmed a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. Royal Bank Of Canada lowered their price target on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Finally, TD Cowen initiated coverage on Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating on the stock. 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Stock Performance

Shares of NASDAQ IRD opened at $4.18 on Friday. The firm has a market capitalization of $345.47 million, a P/E ratio of -3.10 and a beta of 0.80. Opus Genetics has a one year low of $1.70 and a one year high of $7.07. The company’s fifty day moving average is $4.47 and its two-hundred day moving average is $4.20.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, sell-side analysts forecast that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In related news, CFO Robert E. Gagnon sold 14,000 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.55, for a total value of $49,700.00. Following the sale, the chief financial officer directly owned 542,375 shares of the company’s stock, valued at approximately $1,925,431.25. This represents a 2.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 28,258 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total transaction of $110,206.20. Following the transaction, the chief executive officer owned 2,010,636 shares of the company’s stock, valued at $7,841,480.40. This trade represents a 1.39% 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 have sold 673,805 shares of company stock valued at $3,213,582 over the last 90 days. 11.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Opus Genetics during the second quarter worth $12,809,000. Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics in the second quarter worth $12,582,185. Trails Edge Capital Partners LP acquired a new position in shares of Opus Genetics in the second quarter worth $11,276,434. ADAR1 Capital Management LLC lifted its position in shares of Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after acquiring an additional 1,809,004 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Opus Genetics in the second quarter valued at $1,360,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.