Opus Genetics (NASDAQ:IRD) Releases Quarterly Earnings Results, Misses Estimates By $0.32 EPS

Key Points

• Opus Genetics missed quarterly estimates: EPS was a loss of $0.46 versus the expected loss of $0.14, while revenue of $1.14 million came in below the $1.55 million consensus.
• Shares fell 1.0% to $4.16 on Tuesday. Analysts’ average rating was “Moderate Buy,” with an average price target of $12.71.
• Insiders sold 673,805 shares worth about $3.21 million over the past 90 days; the reported sales were to cover tax withholding on vested equity awards.

Opus Genetics (NASDAQ:IRD - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.32), FiscalAI reports. The firm had revenue of $1.14 million for the quarter, compared to the consensus estimate of $1.55 million.

Opus Genetics Trading Down 1.0%

Shares of NASDAQ:IRD traded down $0.04 on Tuesday, hitting $4.16. The company had a trading volume of 202,418 shares, compared to its average volume of 1,408,258. The stock has a 50 day moving average price of $4.48 and a 200 day moving average price of $4.21. The stock has a market cap of $343.58 million, a price-to-earnings ratio of -3.05 and a beta of 0.80. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. TD Cowen began coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They issued a "buy" rating on the stock. Wall Street Zen cut Opus Genetics from a "hold" rating to a "sell" rating in a research report on Saturday. Oppenheimer boosted their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a research note on Wednesday, September 9th. BTIG Research restated a "buy" rating and issued a $12.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Zacks Research upgraded shares of Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. One research 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. Based on data from MarketBeat.com, Opus Genetics has an average rating of "Moderate Buy" and an average price target of $12.71.

Insider Transactions at Opus Genetics

In related news, President Benjamin R. Yerxa sold 33,189 shares of the company's stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.54, for a total transaction of $117,489.06. Following the completion of the sale, the president owned 670,917 shares of the company's stock, valued at $2,375,046.18. This represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 Opus Genetics stock in a transaction 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 completion of the transaction, 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. 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. In the last 90 days, insiders sold 673,805 shares of company stock valued at $3,213,582. Corporate insiders own 11.70% 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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