HC Wainwright Issues Positive Forecast for Opus Genetics (NASDAQ:IRD) Stock Price

Opus Genetics (NASDAQ:IRD) had its target price raised by investment analysts at HC Wainwright from $8.00 to $14.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright‘s price target would suggest a potential upside of 230.97% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Oppenheimer raised their target price on Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. TD Cowen assumed coverage on Opus Genetics in a research note on Wednesday, July 29th. They issued a “buy” rating on the stock. Wedbush boosted their price target on Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, September 10th. Finally, JonesTrading boosted their price target on Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Opus Genetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Opus Genetics Stock Up 0.7%

IRD stock opened at $4.23 on Wednesday. The stock has a market capitalization of $349.60 million, a P/E ratio of -3.13 and a beta of 0.81. The firm has a 50-day simple moving average of $4.50 and a 200-day simple moving average of $4.22. Opus Genetics has a 52 week low of $1.70 and a 52 week high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.31). The company had revenue of $1.14 million for the quarter, compared to analysts’ expectations of $1.55 million. On average, analysts expect that Opus Genetics will post -0.97 earnings per share for the current year.

Insider Buying and Selling

In other Opus Genetics news, President Benjamin R. Yerxa sold 33,189 shares of the firm’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $3.54, for a total value of $117,489.06. Following the completion of the sale, the president directly owned 670,917 shares of the company’s stock, valued at $2,375,046.18. This trade represents a 4.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 14,000 shares of Opus Genetics stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $3.55, for a total value of $49,700.00. Following the transaction, the chief financial officer owned 542,375 shares in the company, valued at approximately $1,925,431.25. This represents a 2.52% decrease in their position. 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 have sold 673,805 shares of company stock valued at $3,213,582 in the last quarter. Corporate insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Hedge funds have recently modified their holdings of the company. HighTower Advisors LLC acquired a new stake in Opus Genetics during the third quarter worth about $99,000. StoneRidge PMG Advisors LLC acquired a new position in Opus Genetics in the 3rd quarter valued at about $61,000. StoneX Group Inc. acquired a new position in Opus Genetics in the 3rd quarter valued at about $76,000. Miller Financial Services LLC grew its stake in shares of Opus Genetics by 11.1% in the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after buying an additional 3,000 shares during the period. Finally, Sanders Morris Harris LLC purchased a new stake in shares of Opus Genetics in the 3rd quarter valued at approximately $58,000. 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 and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms. Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.