Opus Genetics (NASDAQ:IRD) Announces Earnings Results, Misses Estimates By $0.31 EPS

Opus Genetics (NASDAQ:IRD) announced its quarterly earnings results on Tuesday. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.31), FiscalAI reports. The business had revenue of $1.14 million during the quarter, compared to analysts’ expectations of $1.55 million.

Here are the key takeaways from Opus Genetics’ conference call:

• BEST1 showed encouraging early functional results: the company reported clearance of vitelliform material and improved retinal sensitivity in two low-dose cohort patients, and said its pivotal-trial endpoint is aligned with the FDA. The next, higher-dose cohort will include earlier-stage patients; management said consistent results there would help de-risk a phase III study.
• LCA5 is in a pivotal trial with results expected next year and a potential BLA filing in 2027 if the data hold, according to management.
• The company expects to begin dosing patients in its RDH12 and MERTK programs imminently, with data potentially arriving next year or in early 2028. Management also outlined possible readouts next year across these programs and BEST1 and LCA5.
• Management estimated the U.S. Best disease population at about 23,600, up from its prior estimate of 8,400, based on a company-commissioned survey of eye specialists. It described a targeted commercial launch approach, though the revised estimate has not yet been validated through actual launch experience.
• The company reported about $100 million in pro forma cash, including warrant exercises and an expected milestone, plus $70 million of available credit capacity; it said this supports a runway into 2029. Management views a potential 2028 priority review voucher sale as a possible next financing source.

Opus Genetics Stock Performance

Shares of IRD stock traded down $0.14 during trading on Thursday, hitting $4.17. The company had a trading volume of 312,356 shares, compared to its average volume of 1,406,173. The firm has a market capitalization of $344.65 million, a P/E ratio of -2.66 and a beta of 0.80. Opus Genetics has a one year low of $1.70 and a one year high of $7.07. The stock’s 50-day moving average price is $4.51 and its 200 day moving average price is $4.23.

Insider Buying and Selling

In other Opus Genetics news, CEO George Magrath sold 28,258 shares of Opus Genetics stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $110,206.20. Following the completion of the transaction, the chief executive officer directly owned 2,010,636 shares of the company’s stock, valued at $7,841,480.40. The trade was a 1.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert 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 directly owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This represents a 4.79% 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. Insiders have sold 673,805 shares of company stock worth $3,213,582 in the last quarter. Insiders own 11.70% of the company’s stock.

Wall Street Analysts Forecast Growth

IRD has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. HC Wainwright raised their price objective on shares of Opus Genetics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, November 7th. Chardan Capital reiterated a “buy” rating and set a $16.00 target price on shares of Opus Genetics in a research note on Thursday, October 22nd. Finally, Wedbush lifted their price target on Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and an average price target of $13.29.

About Opus Genetics

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.