Opus Genetics (NASDAQ:IRD) Announces Earnings Results

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

Opus Genetics Trading Down 1.0%

Shares of IRD stock traded down $0.04 during trading hours on Tuesday, hitting $4.16. 202,418 shares of the company’s stock were exchanged, compared to its average volume of 1,408,258. Opus Genetics has a 12-month low of $1.70 and a 12-month high of $7.07. The business’s 50 day simple moving average is $4.48 and its 200-day simple moving average is $4.21. The company has a market capitalization of $343.58 million, a PE ratio of -3.05 and a beta of 0.80.

Analysts Set New Price Targets

IRD has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. Wall Street Zen lowered shares of Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday. JonesTrading raised their target price on Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Chardan Capital reiterated a “buy” rating and set a $16.00 target price on shares of Opus Genetics in a research report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Insider Buying and Selling

In other news, CEO George Magrath sold 28,258 shares of the company’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total transaction of $110,206.20. Following the completion of the transaction, 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. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin Yerxa sold 33,189 shares of Opus Genetics 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 sale, the president directly owned 670,917 shares in the company, valued at approximately $2,375,046.18. The trade was a 4.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 in the last 90 days. 11.70% of the stock is owned by insiders.

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.