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

Citizens Jmp reiterated their market outperform rating on shares of Opus Genetics (NASDAQ:IRD) in a report published on Friday,Benzinga reports. The firm currently has a $17.00 price objective on the stock.

A number of other research firms also recently commented on IRD. BTIG Research reaffirmed a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Oppenheimer increased their price objective on shares of Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating 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 research note on Sunday, October 4th. TD Cowen initiated coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating on the stock. Finally, JonesTrading boosted their target price on shares of Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, October 6th. One 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Stock Performance

NASDAQ IRD opened at $3.84 on Friday. The company has a market cap of $317.38 million, a price-to-earnings ratio of -2.84 and a beta of 0.62. The company has a 50 day moving average of $4.51 and a 200-day moving average of $4.39. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, equities research analysts forecast that Opus Genetics will post -0.97 earnings per share for the current year.

Insider Activity at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The sale 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, CFO Robert Gagnon sold 28,000 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the transaction, the chief financial officer directly owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This trade represents a 4.79% decrease in their position. 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. Insiders have sold 613,331 shares of company stock valued at $2,971,509 over the last ninety days. 11.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in IRD. Sanders Morris Harris LLC acquired a new position in Opus Genetics in the 3rd quarter valued at approximately $58,000. Opaleye Management Inc. raised its stake in shares of Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after acquiring an additional 5,000 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics during the second quarter worth $50,000. Squarepoint Ops LLC acquired a new position in shares of Opus Genetics during the second quarter worth $1,360,000. Finally, Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics during the second quarter worth $12,582,185. 14.97% of the stock is owned by institutional investors.

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.