Opus Genetics (NASDAQ:IRD) Stock Rating Lowered by Wall Street Zen

Opus Genetics (NASDAQ:IRD) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday, Wall Street Zen reports.

IRD has been the subject of a number of other research reports. Chardan Capital upped their price objective on shares of Opus Genetics from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Oppenheimer raised their target price 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. BTIG Research reaffirmed a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Royal Bank Of Canada dropped their price target on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Opus Genetics currently has a consensus rating of “Moderate Buy” and an average price target of $11.92.

Opus Genetics Stock Performance

Shares of IRD stock opened at $4.76 on Friday. The company has a market capitalization of $393.41 million, a P/E ratio of -3.53 and a beta of 0.58. The business’s 50 day moving average is $4.19 and its two-hundred day moving average is $4.41. Opus Genetics has a twelve month low of $1.50 and a twelve month high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. As a group, equities analysts predict that Opus Genetics will post -0.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In other Opus Genetics news, CFO Robert E. Gagnon sold 28,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the sale, the chief financial officer directly owned 556,375 shares in the company, valued at approximately $2,525,942.50. The trade was a 4.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction 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 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. Insiders sold 57,331 shares of company stock valued at $213,749 in the last quarter. 11.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently made changes to their positions in the stock. Opaleye Management Inc. lifted its stake in shares of Opus Genetics by 0.4% in the second 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. Engineers Gate Manager LP acquired a new position in Opus Genetics during the second quarter worth about $50,000. Squarepoint Ops LLC acquired a new position in Opus Genetics during the second quarter worth about $1,360,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics in the second quarter valued at about $12,582,185. Finally, Empowered Funds LLC purchased a new position in Opus Genetics in the second quarter valued at about $173,000. Hedge funds and other institutional investors 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 (IRDs), a group of rare genetic disorders that can cause progressive vision loss or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics’ pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.