Opus Genetics (NASDAQ:IRD) Stock Bumped Up to Hold by Wall Street Zen

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

Other equities research analysts also recently issued reports about the company. Royal Bank Of Canada cut their target price 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. Citizens Jmp reaffirmed a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research report on Monday, June 15th. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 price objective on shares of Opus Genetics in a research note on Friday. Finally, Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.92.

Opus Genetics Stock Performance

IRD stock opened at $4.58 on Friday. The firm has a 50-day moving average price of $4.37 and a 200-day moving average price of $4.41. The stock has a market capitalization of $378.54 million, a P/E ratio of -3.39 and a beta of 0.62. Opus Genetics has a 12 month low of $1.70 and a 12 month high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, equities analysts predict that Opus Genetics will post -0.99 EPS for the current fiscal year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 556,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total value of $2,757,760.00. Following the transaction, the director owned 3,236,171 shares in the company, valued at $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 613,331 shares of company stock valued at $2,971,509. Insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Several large investors have recently made changes to their positions in IRD. BlackRock Inc. acquired a new position in Opus Genetics during the second quarter valued at approximately $12,809,000. Nantahala Capital Management LLC bought a new stake in Opus Genetics during the 2nd quarter worth about $12,582,185. Trails Edge Capital Partners LP bought a new position in Opus Genetics in the second quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC raised its holdings 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 valued at $8,413,000 after purchasing an additional 1,809,004 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Opus Genetics in the second quarter valued at $1,360,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Company Profile

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.