Opus Genetics (NASDAQ:IRD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Opus Genetics (NASDAQ:IRD) from a sell rating to a hold rating in a research report released on Sunday,Wall Street Zen reports.

Several other analysts have also recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. Royal Bank Of Canada decreased their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. BTIG Research reiterated a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. TD Cowen began coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a “buy” rating on the stock. Finally, Oppenheimer upped their price target on Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.29.

Opus Genetics Stock Performance

IRD opened at $4.38 on Friday. The company has a 50-day moving average of $4.41 and a 200-day moving average of $4.40. The company has a market capitalization of $362.01 million, a P/E ratio of -3.24 and a beta of 0.62. 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 earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. As a group, sell-side analysts expect that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the sale, the director owned 3,236,171 shares in the company, valued at $16,051,408.16. This 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 through this hyperlink. Also, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. This trade represents a 0.54% 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. Insiders have sold a total of 613,331 shares of company stock worth $2,971,509 over the last quarter. 11.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Opus Genetics in the second quarter valued at $12,809,000. Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics during the second quarter valued at $12,582,185. Trails Edge Capital Partners LP bought a new position in shares of Opus Genetics during the second quarter worth about $11,276,434. ADAR1 Capital Management LLC grew its position in shares of Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after acquiring an additional 1,809,004 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of Opus Genetics in the 2nd quarter worth about $1,360,000. 14.97% of the stock is currently 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.