Opus Genetics, Inc. (NASDAQ:IRD) Stock Has Consensus Price Target of $11.92 According to Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $11.92.

A number of equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Royal Bank Of Canada cut their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Citizens Jmp reissued a “market outperform” rating and set a $11.00 target price on shares of Opus Genetics in a report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. Finally, Chardan Capital reissued a “buy” rating and issued a $16.00 price target on shares of Opus Genetics in a report on Friday.

Insider Activity

In related news, CFO Robert E. Gagnon sold 28,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares in the company, valued at $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 dated 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 sale, the director directly owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. The trade was a 14.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 613,331 shares of company stock worth $2,971,509 in the last 90 days. Company insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds have recently bought and sold shares of IRD. Stoneridge Investment Partners LLC acquired a new stake in Opus Genetics during the second quarter worth approximately $47,000. Engineers Gate Manager LP bought a new stake in shares of Opus Genetics in the second quarter valued at about $50,000. State of Wyoming acquired a new position in shares of Opus Genetics in the second quarter valued at about $65,000. The Manufacturers Life Insurance Company acquired a new position in shares of Opus Genetics in the second quarter valued at about $66,000. Finally, Regency Capital Management Inc. DE bought a new position in Opus Genetics during the fourth quarter worth about $92,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Opus Genetics Stock Performance

Opus Genetics stock opened at $4.58 on Thursday. The stock’s 50 day moving average price is $4.37 and its 200 day moving average price is $4.41. The firm has a market capitalization of $378.54 million, a PE ratio of -3.39 and a beta of 0.62. Opus Genetics has a one year low of $1.70 and a one 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 for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, analysts forecast that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

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.