Opus Genetics (NASDAQ:IRD) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Opus Genetics from “hold” to “sell.” The broader analyst consensus remains “Moderate Buy,” with an average price target of $12.71.
• The company reported quarterly EPS of negative $0.14, beating the estimate of negative $0.16, but revenue of $0.76 million fell short of the $2.63 million estimate.
• Insiders sold a combined 673,805 shares worth about $3.21 million in the last quarter; the company’s shares opened at $4.18, within a 1-year range of $1.70 to $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Other research analysts have also recently issued research reports about the stock. Wedbush upped their target price on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an "outperform" rating in a research report on Thursday, September 10th. Royal Bank Of Canada cut their target price on shares of Opus Genetics from $10.00 to $9.00 and set an "outperform" rating for the company in a research note on Friday, August 7th. TD Cowen initiated coverage on Opus Genetics in a research note on Wednesday, July 29th. They issued a "buy" rating for the company. JonesTrading lifted their target price on shares of Opus Genetics from $10.00 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Opus Genetics in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $12.71.

Opus Genetics Trading Up 4.2%

Shares of Opus Genetics stock opened at $4.18 on Friday. The company has a 50-day moving average of $4.47 and a 200 day moving average of $4.20. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07.

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

Insider Transactions at Opus Genetics

In related news, 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 completion of the sale, the director directly owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. This trade represents a 14.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 directly owned 556,375 shares of the company's stock, valued at $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. 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 a total of 673,805 shares of company stock valued at $3,213,582 in the last quarter. Company insiders own 11.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRD. BlackRock Inc. purchased a new position in Opus Genetics during the second quarter worth about $12,809,000. Nantahala Capital Management LLC bought a new stake in shares of Opus Genetics in the second quarter valued at approximately $12,582,185. Trails Edge Capital Partners LP acquired a new stake in Opus Genetics in the 2nd quarter valued at about $11,276,434. ADAR1 Capital Management LLC raised its position in Opus Genetics by 4,522.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after buying an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. raised its position in shares of Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock valued at $4,624,000 after buying an additional 5,000 shares in the last quarter. 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.

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