Opus Genetics’ (IRD) Market Outperform Rating Reaffirmed at Citizens Jmp

Opus Genetics (NASDAQ:IRD)‘s stock had its “market outperform” rating reissued by research analysts at Citizens Jmp in a report issued on Friday, Benzinga reports. They presently have a $17.00 target price on the stock. Citizens Jmp‘s price target points to a potential upside of 318.62% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, October 15th. Chardan Capital reaffirmed a “buy” rating and set a $16.00 price target on shares of Opus Genetics in a research report on Friday, October 2nd. BTIG Research reaffirmed a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. Finally, Royal Bank Of Canada cut their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Trading Up 1.3%

IRD stock opened at $4.06 on Friday. The stock has a 50-day moving average price of $4.51 and a two-hundred day moving average price of $4.38. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The stock has a market cap of $335.63 million, a PE ratio of -2.99 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last issued 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 the consensus estimate of $2.63 million. On average, analysts forecast that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insider Activity at Opus Genetics

In related news, CFO Robert Gagnon sold 28,000 shares of Opus Genetics stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, the chief financial officer owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value 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. The trade was a 0.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 613,331 shares of company stock valued at $2,971,509. 11.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Sanders Morris Harris LLC bought a new stake in shares of Opus Genetics during the 3rd quarter worth approximately $58,000. Engineers Gate Manager LP acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at approximately $50,000. Stoneridge Investment Partners LLC bought a new position in shares of Opus Genetics in the second quarter valued at $47,000. State of Wyoming bought a new position in shares of Opus Genetics in the second quarter valued at $65,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Opus Genetics during the second quarter worth $66,000. 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.