Opus Genetics (NASDAQ:IRD) Price Target Raised to $17.00

Opus Genetics (NASDAQ:IRD) had its price target raised by equities research analysts at JonesTrading from $10.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. JonesTrading’s price objective indicates a potential upside of 286.80% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Wedbush upped their price objective on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, September 10th. BTIG Research reissued a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Citizens Jmp reiterated a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research report on Monday, June 15th. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.29.

Opus Genetics Price Performance

Shares of IRD traded up $0.01 during midday trading on Tuesday, reaching $4.39. The stock had a trading volume of 1,869,927 shares, compared to its average volume of 1,417,143. The company’s fifty day simple moving average is $4.39 and its two-hundred day simple moving average is $4.40. The company has a market cap of $363.24 million, a price-to-earnings ratio of -3.26 and a beta of 0.62. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. On average, sell-side analysts forecast that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the transaction, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $2,757,760.00. Following the completion of the transaction, the director owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 613,331 shares of company stock valued at $2,971,509. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in IRD. BlackRock Inc. purchased a new stake in Opus Genetics during the 2nd quarter worth approximately $12,809,000. Nantahala Capital Management LLC bought a new position in Opus Genetics during the 2nd quarter valued at $12,582,185. Trails Edge Capital Partners LP acquired a new position in Opus Genetics during the 2nd quarter worth $11,276,434. ADAR1 Capital Management LLC grew its holdings in Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after acquiring an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. increased its position in shares of Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after purchasing an additional 5,000 shares during the last quarter. 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, 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.