Opus Genetics (NASDAQ:IRD) Shares Cross Above 200 Day Moving Average – Time to Sell?

Opus Genetics, Inc. (NASDAQ:IRD) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.18 and traded as high as $4.32. Opus Genetics shares last traded at $4.27, with a volume of 1,162,790 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on IRD shares. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. TD Cowen initiated coverage on Opus Genetics in a research note on Wednesday, July 29th. They issued a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. Oppenheimer increased their price target 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, JonesTrading lifted their price target on shares of Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Stock Up 8.7%

The stock has a market cap of $352.91 million, a PE ratio of -3.16 and a beta of 0.80. The stock has a fifty day moving average of $4.46 and a 200-day moving average of $4.18.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Equities research analysts forecast that Opus Genetics, Inc. will post -0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In related news, President Benjamin R. Yerxa sold 33,189 shares of the stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $3.54, for a total value of $117,489.06. Following the completion of the sale, the president directly owned 670,917 shares in the company, valued at approximately $2,375,046.18. This represents a 4.71% decrease in their position. 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, CEO George Magrath sold 9,591 shares of Opus Genetics stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $3.58, for a total value of $34,335.78. Following the completion of the transaction, the chief executive officer owned 2,038,894 shares of the company’s stock, valued at $7,299,240.52. This trade represents a 0.47% 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. Over the last 90 days, insiders have sold 645,547 shares of company stock valued at $3,103,375. Insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Opus Genetics during the second quarter worth approximately $12,809,000. Nantahala Capital Management LLC bought a new position in Opus Genetics in the second quarter worth $12,582,185. Trails Edge Capital Partners LP acquired a new position in Opus Genetics in the second quarter valued at about $11,276,434. ADAR1 Capital Management LLC grew its holdings 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 worth $8,413,000 after purchasing an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. grew 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 purchasing an additional 5,000 shares during the last quarter. 14.97% of the stock is owned by institutional investors and hedge funds.

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.