Opus Genetics (NASDAQ:IRD) Price Target Raised to $14.00

Key Points

• HC Wainwright raised its Opus Genetics price target to $14 from $8 and reiterated a Buy rating, implying about 231% upside from the prior close.
• Analyst views are mostly positive: MarketBeat reports a Moderate Buy consensus and a $13.14 average target, though ratings range from Strong Buy to Sell.
• The company missed quarterly expectations, reporting a $0.46 loss per share versus a $0.15 expected loss, and revenue of $1.14 million versus $1.55 million expected.

Opus Genetics (NASDAQ:IRD - Get Free Report) had its target price increased by stock analysts at HC Wainwright from $8.00 to $14.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price target would indicate a potential upside of 230.97% from the company's previous close.

Several other research analysts have also recently issued reports on IRD. Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a report on Thursday, October 15th. Wedbush upped their target price on Opus Genetics from $10.00 to $13.00 and gave the stock an "outperform" rating in a report on Thursday, September 10th. Oppenheimer lifted their price target on Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Citizens Jmp reissued a "market outperform" rating and issued a $17.00 price target on shares of Opus Genetics in a research report on Friday, October 16th. Finally, BTIG Research reaffirmed a "buy" rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Opus Genetics has a consensus rating of "Moderate Buy" and a consensus price target of $13.14.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD opened at $4.23 on Wednesday. The firm has a market cap of $349.60 million, a PE ratio of -3.13 and a beta of 0.81. The firm's 50 day simple moving average is $4.50 and its 200-day simple moving average is $4.22. Opus Genetics has a one year low of $1.70 and a one year high of $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.31). The firm had revenue of $1.14 million for the quarter, compared to analysts' expectations of $1.55 million. Equities research analysts predict that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Activity at Opus Genetics

In other Opus Genetics news, President Benjamin R. Yerxa sold 33,189 shares of the business's stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.54, for a total transaction of $117,489.06. Following the sale, the president owned 670,917 shares of the company's stock, valued at approximately $2,375,046.18. The trade was a 4.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 company's stock in a transaction on 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 673,805 shares of company stock worth $3,213,582. 11.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of IRD. Sanders Morris Harris LLC purchased a new position in shares of Opus Genetics during the third quarter worth $58,000. Engineers Gate Manager LP purchased a new stake in shares of Opus Genetics in the second quarter worth about $50,000. Stoneridge Investment Partners LLC acquired a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $47,000. StoneRidge PMG Advisors LLC acquired a new stake in Opus Genetics during the third quarter valued at $61,000. Finally, StoneX Group Inc. purchased a new position in shares of Opus Genetics in the 3rd quarter valued at about $76,000. 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 (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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