Opus Genetics, Inc. (NASDAQ:IRD – Get Free Report) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $4.18 and traded as high as $4.32. Opus Genetics shares last traded at $4.27, with a volume of 1,162,790 shares trading hands.
Wall Street Analyst Weigh In
IRD has been the subject of several analyst reports. Royal Bank Of Canada decreased their price target 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. TD Cowen started coverage on Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. BTIG Research reissued a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $17.00 price objective on shares of Opus Genetics in a research report on Friday, October 16th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.71.
Check Out Our Latest Stock Report on IRD
Opus Genetics Trading Up 8.7%
The firm’s fifty day moving average price is $4.46 and its two-hundred day moving average price is $4.18. The stock has a market capitalization of $352.91 million, a PE ratio of -3.16 and a beta of 0.80.
Opus Genetics (NASDAQ:IRD – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. As a group, sell-side analysts anticipate that Opus Genetics, Inc. will post -0.97 earnings per share for the current fiscal year.
Insider Activity at Opus Genetics
In related news, President Benjamin Yerxa sold 33,189 shares of the business’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $3.54, for a total value of $117,489.06. Following the completion of the sale, the president owned 670,917 shares of the company’s stock, valued at approximately $2,375,046.18. The trade was a 4.71% decrease in their position. 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, Director Fighting Blindness Foundation sold 556,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the transaction, the director owned 3,236,171 shares of the company’s stock, valued at approximately $16,051,408.16. This trade represents a 14.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 645,547 shares of company stock worth $3,103,375 over the last 90 days. 11.70% of the stock is owned by insiders.
Hedge Funds Weigh In On Opus Genetics
Several hedge funds and other institutional investors have recently modified their holdings of IRD. BlackRock Inc. purchased a new stake in Opus Genetics in the 2nd quarter valued at $12,809,000. Nantahala Capital Management LLC acquired a new stake in shares of Opus Genetics during the 2nd quarter worth about $12,582,185. Trails Edge Capital Partners LP acquired a new position in Opus Genetics in the second quarter valued at about $11,276,434. ADAR1 Capital Management LLC lifted its position in Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after buying an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. raised its stake 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 valued at $4,624,000 after acquiring an additional 5,000 shares during the period. 14.97% of the stock is 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.
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