Opus Genetics (NASDAQ:IRD) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Opus Genetics, Inc. (NASDAQ:IRD) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.18 and traded as high as $4.32. Opus Genetics shares last traded at $4.27, with a volume of 1,162,790 shares changing hands.

Analysts Set New Price Targets

IRD has been the subject of a number of research analyst reports. Citizens Jmp restated a “market outperform” rating and issued a $17.00 target price on shares of Opus Genetics in a research note on Friday, October 16th. 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. JonesTrading increased their price objective on Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Wedbush raised 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. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Price Performance

The company has a 50-day simple moving average of $4.47 and a 200 day simple moving average of $4.20.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share 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 analysts’ expectations of $2.63 million. As a group, sell-side analysts forecast that Opus Genetics, Inc. will post -0.97 earnings per share for the current year.

Insider Activity at Opus Genetics

In related news, CFO Robert Gagnon sold 28,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. This trade represents a 4.79% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 Opus Genetics stock in a transaction dated 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 completion of the sale, the director owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. The trade was a 14.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 673,805 shares of company stock worth $3,213,582 in the last quarter. Company insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sanders Morris Harris LLC acquired a new stake in shares of Opus Genetics in the 3rd quarter worth $58,000. Engineers Gate Manager LP purchased a new position in shares of Opus Genetics during the 2nd quarter worth $50,000. Stoneridge Investment Partners LLC acquired a new position in shares of Opus Genetics during the 2nd quarter valued at about $47,000. StoneRidge PMG Advisors LLC acquired a new position in shares of Opus Genetics during the 3rd quarter valued at about $61,000. Finally, StoneX Group Inc. acquired a new position in shares of Opus Genetics during the 3rd quarter valued at about $76,000. Hedge funds and other institutional investors 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 (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.