Opus Genetics (NASDAQ:IRD) Stock Bumped Up to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen upgraded Opus Genetics from “Sell” to “Hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $11.92.
• Opus Genetics shares opened at $4.58, compared with a 52-week range of $1.70 to $7.07. The company reported a quarterly loss of $0.14 per share, better than the expected $0.16 loss, but revenue of $0.76 million fell short of the $2.63 million forecast.
• Insiders sold 613,331 shares worth approximately $3.0 million over the past 90 days, while institutional investors own 14.97% of the stock. Opus Genetics is a clinical-stage biotechnology company developing gene therapies for inherited retinal diseases.

Opus Genetics (NASDAQ:IRD - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday, Wall Street Zen reports.

Several other research analysts also recently commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a report on Friday, July 17th. BTIG Research restated a "buy" rating and set a $12.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. Citizens Jmp reaffirmed a "market outperform" rating and issued a $11.00 price target on shares of Opus Genetics in a research note on Monday, June 15th. Oppenheimer boosted their price objective on Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, September 9th. Finally, Wedbush increased their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an "outperform" rating in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.92.

Opus Genetics Stock Performance

Shares of Opus Genetics stock opened at $4.58 on Friday. Opus Genetics has a 52-week low of $1.70 and a 52-week high of $7.07. The stock has a market capitalization of $378.54 million, a price-to-earnings ratio of -3.39 and a beta of 0.62. The company has a fifty day moving average of $4.37 and a 200-day moving average of $4.41.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. On average, equities research analysts forecast that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the business's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. The trade was a 0.54% decrease in their position. The sale 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, CFO Robert E. Gagnon sold 28,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the transaction, 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 position. 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. Over the last ninety days, insiders sold 613,331 shares of company stock worth $2,971,509. Company insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On Opus Genetics

A number of large investors have recently made changes to their positions in IRD. Stoneridge Investment Partners LLC bought a new stake in shares of Opus Genetics during the 2nd quarter valued at $47,000. Engineers Gate Manager LP bought a new position in shares of Opus Genetics in the 2nd quarter worth about $50,000. State of Wyoming bought a new position in shares of Opus Genetics in the 2nd quarter worth about $65,000. The Manufacturers Life Insurance Company purchased a new position in Opus Genetics during the 2nd quarter valued at about $66,000. Finally, Empowered Funds LLC purchased a new position in Opus Genetics during the 2nd quarter valued at about $173,000. 14.97% of the stock is currently owned by institutional investors.

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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