Opus Genetics (NASDAQ:IRD) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other research firms have also recently weighed in on IRD. Wedbush increased 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. Chardan Capital reiterated a “buy” rating and issued a $16.00 target price on shares of Opus Genetics in a report on Thursday, October 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, October 15th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Finally, TD Cowen initiated coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a “buy” rating for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.71.

Opus Genetics Trading Up 0.5%

Shares of IRD opened at $4.20 on Friday. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07. The firm has a 50-day simple moving average of $4.48 and a two-hundred day simple moving average of $4.21.

Insider Buying and Selling at Opus Genetics

In other news, President Benjamin R. Yerxa sold 33,189 shares of the firm’s stock in a transaction that occurred 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 transaction, the president owned 670,917 shares of the company’s stock, valued at approximately $2,375,046.18. This trade represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 14,000 shares of Opus Genetics stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.55, for a total transaction of $49,700.00. Following the completion of the transaction, the chief financial officer owned 542,375 shares of the company’s stock, valued at $1,925,431.25. This trade represents a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 valued at $3,213,582 over the last three months. 11.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

A number of hedge funds have recently added to or reduced their stakes in IRD. Squarepoint Ops LLC acquired a new stake in shares of Opus Genetics in the second quarter valued at $1,360,000. BlackRock Inc. purchased a new position in Opus Genetics in the second quarter valued at $12,809,000. Trails Edge Capital Partners LP purchased a new position in Opus Genetics in the second quarter valued at $11,276,434. ADAR1 Capital Management LLC purchased a new position in Opus Genetics in the second quarter valued at $7,331,000. Finally, Nantahala Capital Management LLC acquired a new position in Opus Genetics during the 2nd quarter worth $12,582,185. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.