Opus Genetics (NASDAQ:IRD) Stock Price Target Raised at Royal Bank Of Canada

Opus Genetics (NASDAQ:IRD) had its price target upped by equities research analysts at Royal Bank Of Canada from $9.00 to $11.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price target suggests a potential upside of 154.45% from the stock’s current price.

Other research analysts also recently issued reports about the company. Wedbush boosted their price target on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Citizens Jmp restated a “market outperform” rating and set a $17.00 price objective on shares of Opus Genetics in a report on Friday, October 16th. Oppenheimer lifted their price objective on Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Finally, HC Wainwright upped their target price on Opus Genetics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.29.

Opus Genetics Stock Up 2.2%

Shares of NASDAQ:IRD traded up $0.09 during trading on Wednesday, reaching $4.32. The stock had a trading volume of 118,612 shares, compared to its average volume of 1,406,156. The stock has a market cap of $357.29 million, a P/E ratio of -3.21 and a beta of 0.81. The business has a fifty day moving average price of $4.50 and a 200-day moving average price of $4.22. Opus Genetics has a fifty-two week low of $1.70 and a fifty-two week high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.31). The company had revenue of $1.14 million for the quarter, compared to analysts’ expectations of $1.55 million. As a group, equities analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insider Activity at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 556,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total value of $2,757,760.00. Following the sale, the director directly owned 3,236,171 shares of the company’s stock, valued at approximately $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Benjamin Yerxa sold 33,189 shares of the firm’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 in the company, valued at $2,375,046.18. This represents a 4.71% 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. In the last 90 days, insiders have sold 673,805 shares of company stock valued at $3,213,582. Insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently bought and sold shares of the stock. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics in the 3rd quarter valued at $58,000. Engineers Gate Manager LP acquired a new stake in shares of Opus Genetics during the 2nd quarter worth $50,000. Stoneridge Investment Partners LLC acquired a new stake in shares of Opus Genetics during the 2nd quarter worth $47,000. StoneRidge PMG Advisors LLC acquired a new stake in shares of Opus Genetics during the 3rd quarter worth $61,000. Finally, StoneX Group Inc. purchased a new position in shares of Opus Genetics in the 3rd quarter worth $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, rare conditions that can cause progressive vision loss. Its programs target specific genetic causes of these disorders, including mutations associated with Leber congenital amaurosis and retinitis pigmentosa. The company’s therapies are investigational and are designed to address the underlying genetic defects rather than only manage symptoms. Opus Genetics was formed through the combination of Opus Genetics and Ocuphire Pharma; the combined company took the Opus Genetics name and began trading on Nasdaq under the symbol IRD in 2024.