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

Key Points

• JonesTrading raised Opus Genetics’ price target to $17 from $10 and maintained a “buy” rating, implying 286.8% upside from the stock’s $4.39 price. The analyst consensus remains “Moderate Buy,” with an average target of $12.29.
• Opus Genetics reported a quarterly loss of $0.14 per share, beating estimates for a $0.16 loss, but revenue of $0.76 million fell short of the $2.63 million consensus forecast. Analysts expect a full-year loss of $0.99 per share.
• Insiders sold approximately 613,331 shares worth $2.97 million over the past 90 days, including significant sales by the CFO and Fighting Blindness Foundation. Institutional investors own 14.97% of the company, while insiders hold 11.70%.

Opus Genetics (NASDAQ:IRD - Get Free Report) had its price target raised by JonesTrading from $10.00 to $17.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. JonesTrading's target price points to a potential upside of 286.80% from the company's previous close.

IRD has been the topic of a number of other reports. BTIG Research reissued a "buy" rating and set a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday. Citizens Jmp restated a "market outperform" rating and set a $11.00 target price on shares of Opus Genetics in a research report on Monday, June 15th. Chardan Capital reaffirmed a "buy" rating and set a $16.00 target price on shares of Opus Genetics in a research note on Friday. Finally, TD Cowen assumed coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They issued a "buy" rating on the stock. One 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 company's stock. Based on data from MarketBeat.com, Opus Genetics presently has a consensus rating of "Moderate Buy" and an average price target of $12.29.

Opus Genetics Price Performance

Shares of NASDAQ:IRD traded up $0.01 during midday trading on Tuesday, hitting $4.39. The company had a trading volume of 1,869,927 shares, compared to its average volume of 1,417,143. The company has a market cap of $363.24 million, a price-to-earnings ratio of -3.26 and a beta of 0.62. The company has a fifty day moving average of $4.39 and a two-hundred day moving average of $4.40. Opus Genetics has a 12-month low of $1.70 and a 12-month high of $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. Research analysts expect that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Robert E. Gagnon sold 28,000 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the sale, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which can be accessed 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 firm's stock in a transaction dated 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 sale, the director directly owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. The trade was a 14.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 613,331 shares of company stock valued at $2,971,509. 11.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IRD. Opaleye Management Inc. grew its holdings in Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock worth $4,624,000 after acquiring an additional 5,000 shares during the period. Engineers Gate Manager LP purchased a new stake in shares of Opus Genetics during the second quarter worth about $50,000. Squarepoint Ops LLC acquired a new position in shares of Opus Genetics during the second quarter valued at approximately $1,360,000. Nantahala Capital Management LLC acquired a new stake in Opus Genetics during the 2nd quarter worth $12,582,185. Finally, Empowered Funds LLC purchased a new stake in Opus Genetics during the 2nd 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, 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.

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