Opus Genetics (NASDAQ:IRD) Given New $11.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its Opus Genetics price target to $11 from $9 and maintained an “outperform” rating, implying 154.45% upside from the prior close.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $13.29, though one analyst rated it a sell.
• Opus Genetics missed quarterly estimates, reporting an adjusted loss of $0.46 per share versus the expected $0.15 loss, and revenue of $1.14 million versus $1.55 million expected.

Opus Genetics (NASDAQ:IRD - Get Free Report) had its price target hoisted by analysts at Royal Bank Of Canada from $9.00 to $11.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 154.45% from the company's previous close.

Several other equities analysts also recently weighed in on IRD. Oppenheimer raised their price objective on Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, September 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Opus Genetics in a report on Thursday, October 15th. TD Cowen initiated coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a "buy" rating on the stock. HC Wainwright upped their target price on Opus Genetics from $8.00 to $14.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Chardan Capital reissued a "buy" rating and issued a $16.00 target price on shares of Opus Genetics in a report on Thursday, October 22nd. 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $13.29.

Opus Genetics Stock Performance

IRD stock traded up $0.09 during trading on Wednesday, reaching $4.32. 118,612 shares of the company were exchanged, compared to its average volume of 1,406,156. The stock's 50 day moving average price is $4.50 and its 200 day moving average price is $4.22. Opus Genetics has a 52-week low of $1.70 and a 52-week high of $7.07. The company has a market cap of $357.29 million, a P/E ratio of -3.21 and a beta of 0.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.31). The business had revenue of $1.14 million for the quarter, compared to the consensus estimate of $1.55 million. As a group, equities research analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insider Buying and Selling at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 28,258 shares of the company's stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $110,206.20. Following the sale, the chief executive officer owned 2,010,636 shares of the company's stock, valued at $7,841,480.40. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 14,000 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.55, for a total transaction of $49,700.00. Following the completion of the sale, the chief financial officer owned 542,375 shares in the company, valued at $1,925,431.25. This represents a 2.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 673,805 shares of company stock worth $3,213,582 over the last ninety days. 11.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

A number of large investors have recently bought and sold shares of IRD. BlackRock Inc. acquired a new position in shares of Opus Genetics in the second quarter worth $12,809,000. Nantahala Capital Management LLC purchased a new stake in shares of Opus Genetics in the second quarter valued at $12,582,185. Trails Edge Capital Partners LP acquired a new stake in shares of Opus Genetics during the second quarter valued at $11,276,434. ADAR1 Capital Management LLC boosted its stake in shares of Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after acquiring an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. boosted its stake in shares of Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock valued at $4,624,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 14.97% of the company's stock.

Opus Genetics Company Profile

Opus Genetics, Inc. is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases, rare conditions that can cause progressive vision loss. Its programs target specific genetic causes of these disorders, including mutations associated with Leber congenital amaurosis and retinitis pigmentosa. The company's therapies are investigational and are designed to address the underlying genetic defects rather than only manage symptoms. Opus Genetics was formed through the combination of Opus Genetics and Ocuphire Pharma; the combined company took the Opus Genetics name and began trading on Nasdaq under the symbol IRD in 2024.

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