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

Opus Genetics (NASDAQ:IRD)‘s stock had its “market outperform” rating reissued by investment analysts at Citizens Jmp in a report released on Friday, Benzinga reports. They presently have a $17.00 price objective on the stock. Citizens Jmp’s target price indicates a potential upside of 342.71% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. BTIG Research reiterated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. JonesTrading lifted their price objective 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. Oppenheimer upped their price objective on shares of Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Finally, Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Stock Down 5.2%

NASDAQ:IRD traded down $0.21 during mid-day trading on Friday, reaching $3.84. 2,515,159 shares of the company were exchanged, compared to its average volume of 1,432,830. The stock has a market cap of $317.38 million, a PE ratio of -2.84 and a beta of 0.62. The company has a fifty day moving average of $4.50 and a 200 day moving average of $4.39. Opus Genetics has a 12 month low of $1.70 and a 12 month high of $7.07.

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

Insider Activity at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the firm’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 completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This trade represents a 0.54% decrease in their position. The sale was disclosed in a 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, Director Fighting Blindness Foundation sold 556,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the completion of the sale, the director directly owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. This represents a 14.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 613,331 shares of company stock worth $2,971,509 in the last quarter. 11.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

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