Opus Genetics (NASDAQ:IRD) Earns Market Outperform Rating from Citizens Jmp

Opus Genetics (NASDAQ:IRD)‘s stock had its “market outperform” rating restated by equities research analysts at Citizens Jmp in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $17.00 price objective on the stock. Citizens Jmp’s target price points to a potential upside of 319.75% from the stock’s previous close.

IRD has been the topic of a number of other reports. Oppenheimer upped their target price on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. TD Cowen assumed coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, JonesTrading increased 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 research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus price target of $12.71.

Opus Genetics Stock Performance

Shares of NASDAQ IRD opened at $4.05 on Friday. The company has a market capitalization of $334.73 million, a P/E ratio of -3.00 and a beta of 0.62. Opus Genetics has a 52-week low of $1.70 and a 52-week high of $7.07. The company’s 50 day moving average price is $4.50 and its 200-day moving average price is $4.39.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data 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. Analysts forecast that Opus Genetics will post -0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Opus Genetics news, Director Fighting Blindness Foundation sold 556,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total value 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 link. Also, CFO Robert Gagnon sold 28,000 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $2,525,942.50. The trade was 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 worth $2,971,509 in the last three months. 11.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

Institutional investors and hedge funds have recently modified their holdings of the business. Squarepoint Ops LLC bought a new stake in Opus Genetics in the 2nd quarter valued at $1,360,000. BlackRock Inc. purchased a new stake in shares of Opus Genetics in the second quarter valued at approximately $12,809,000. Trails Edge Capital Partners LP purchased a new position in shares of Opus Genetics during the 2nd quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC purchased a new position in shares of Opus Genetics during the 2nd quarter valued at approximately $7,331,000. Finally, Bank of New York Mellon Corp acquired a new stake in Opus Genetics in the 2nd quarter valued at $503,000. 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, 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.