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 recommendation of “Moderate Buy” from the nineteen ratings firms that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $12.71.

A number of equities research analysts recently commented on the company. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. TD Cowen initiated coverage on Opus Genetics in a research report on Wednesday, July 29th. They issued a “buy” rating for the company. Wedbush boosted their price objective on Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, September 10th. Oppenheimer increased their target price on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, September 9th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th.

Insiders Place Their Bets

In related news, CFO Robert Gagnon sold 28,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer owned 556,375 shares in the company, valued at $2,525,942.50. This represents a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 dated Friday, October 23rd. The stock was sold at an average price of $3.58, for a total transaction of $34,335.78. Following the sale, the chief executive officer directly owned 2,038,894 shares in the company, valued at approximately $7,299,240.52. This represents a 0.47% decrease in their position. 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 ninety days, insiders sold 645,547 shares of company stock valued at $3,103,375. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently modified their holdings of the stock. Squarepoint Ops LLC acquired a new position in Opus Genetics during the 2nd quarter worth $1,360,000. BlackRock Inc. acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $12,809,000. Trails Edge Capital Partners LP acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $11,276,434. Bank of New York Mellon Corp acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $503,000. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Opus Genetics during the second quarter worth $7,331,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Opus Genetics Price Performance

Shares of Opus Genetics stock opened at $3.67 on Monday. The stock has a market capitalization of $303.32 million, a P/E ratio of -2.72 and a beta of 0.62. The company has a 50-day simple moving average of $4.47 and a 200 day simple moving average of $4.15. 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, equities analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current year.

Opus Genetics Company Profile

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.