Opus Genetics (NASDAQ:IRD) Rating Lowered to “Sell” at Wall Street Zen

Opus Genetics (NASDAQ:IRD) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday, Wall Street Zen reports.

Other research analysts have also issued reports about the stock. BTIG Research reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. Wedbush boosted their target price 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. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. TD Cowen assumed coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating on the stock. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $16.00 price target on shares of Opus Genetics in a research report on Thursday, October 22nd. 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. According to data from MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $4.18 on Friday. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The business’s 50-day moving average is $4.47 and its 200-day moving average is $4.20. The company has a market capitalization of $345.48 million, a price-to-earnings ratio of -3.10 and a beta of 0.81.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data 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 company had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. Analysts anticipate that Opus Genetics will post -0.97 EPS for the current year.

Insiders Place Their Bets

In other news, President Benjamin Yerxa sold 33,189 shares of the firm’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $3.54, for a total transaction of $117,489.06. Following the completion of the sale, the president directly owned 670,917 shares of the company’s stock, valued at $2,375,046.18. This trade represents a 4.71% decrease in their position. The sale 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, CEO George Magrath sold 28,258 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $110,206.20. Following the sale, the chief executive officer directly owned 2,010,636 shares of the company’s stock, valued at approximately $7,841,480.40. This represents a 1.39% decrease in their ownership of the stock. 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. Insiders have sold 673,805 shares of company stock worth $3,213,582 over the last 90 days. Company insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Opus Genetics in the second quarter valued at approximately $12,809,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics during the second quarter valued at approximately $12,582,185. Trails Edge Capital Partners LP purchased a new position in Opus Genetics during the second quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC increased 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 during the period. Finally, Squarepoint Ops LLC bought a new stake in Opus Genetics during the 2nd quarter worth approximately $1,360,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Opus Genetics Company Profile

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.