Opus Genetics (NASDAQ:IRD) Stock Crosses Below 200-Day Moving Average – What’s Next?

Opus Genetics, Inc. (NASDAQ:IRD) passed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $4.23 and traded as low as $3.96. Opus Genetics shares last traded at $4.06, with a volume of 1,387,998 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IRD. HC Wainwright boosted their price objective on Opus Genetics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Citizens Jmp reiterated a “market outperform” rating and issued a $17.00 target price on shares of Opus Genetics in a research report on Friday, October 16th. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. Finally, Chardan Capital restated a “buy” rating and set a $16.00 price target on shares of Opus Genetics in a report on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and a consensus price target of $13.29.

Opus Genetics Stock Performance

The company has a current ratio of 9.65, a quick ratio of 12.19 and a debt-to-equity ratio of 0.90. The company’s 50-day simple moving average is $4.50 and its 200-day simple moving average is $4.23. The stock has a market capitalization of $392.40 million, a price-to-earnings ratio of -2.60 and a beta of 0.80.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.31). The firm had revenue of $1.14 million for the quarter, compared to analysts’ expectations of $1.55 million. On average, analysts expect that Opus Genetics, Inc. will post -1.04 EPS for the current year.

Insider Buying and Selling

In related news, 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 transaction of $2,757,760.00. Following the completion of the transaction, the director directly owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This trade represents a 14.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Magrath sold 28,258 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $110,206.20. Following the transaction, the chief executive officer directly owned 2,010,636 shares of the company’s stock, valued at approximately $7,841,480.40. This represents a 1.39% decrease in their ownership of the stock. 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 three months, insiders have sold 673,805 shares of company stock valued at $3,213,582. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Opus Genetics during the second quarter worth about $12,809,000. Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics in the second quarter worth approximately $12,582,185. Trails Edge Capital Partners LP bought a new stake in Opus Genetics in the second quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC boosted its holdings in 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 during the last quarter. Finally, Opaleye Management Inc. increased its position in Opus Genetics by 0.4% during the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds own 14.97% of the company’s stock.

About Opus Genetics

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.