Opus Genetics (NASDAQ:IRD) Releases Earnings Results

Opus Genetics (NASDAQ:IRD) issued its earnings results on Tuesday. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.32), FiscalAI reports. The firm had revenue of $1.14 million during the quarter, compared to the consensus estimate of $1.55 million.

Opus Genetics Trading Down 1.4%

NASDAQ:IRD traded down $0.06 on Tuesday, reaching $4.14. The stock had a trading volume of 255,565 shares, compared to its average volume of 1,408,327. The company has a 50-day moving average of $4.48 and a 200 day moving average of $4.21. The stock has a market cap of $342.34 million, a P/E ratio of -3.07 and a beta of 0.80. Opus Genetics has a 12-month low of $1.70 and a 12-month high of $7.07.

Insiders Place Their Bets

In other news, CEO George Magrath sold 28,258 shares of Opus Genetics stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $3.90, for a total transaction 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. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 14,000 shares of the business’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $3.55, for a total value of $49,700.00. Following the completion of the transaction, the chief financial officer owned 542,375 shares in the company, valued at approximately $1,925,431.25. This trade represents a 2.52% decrease in their position. 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 sold a total of 673,805 shares of company stock valued at $3,213,582 in the last three months. 11.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JonesTrading raised their target price on Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Chardan Capital reissued a “buy” rating and set a $16.00 price target on shares of Opus Genetics in a research report on Thursday, October 22nd. Citizens Jmp restated a “market outperform” rating and issued a $17.00 price target on shares of Opus Genetics in a report on Friday, October 16th. BTIG Research restated a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada lowered their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.71.

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.