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Tuesday, H.C. Wainwright reiterated its Buy rating and $8.00 price target on Opus Genetics (NASDAQ:IRD), currently trading at $0.98, as the company advances in the development of AAV-based gene therapies for inherited retinal diseases (IRDs). The analyst target represents significant upside potential, with InvestingPro data showing analyst targets ranging from $8 to $15. The firm’s analyst highlighted the significance of upcoming presentations and data, which are expected to influence the company’s clinical strategies and regulatory interactions.
Opus Genetics is set to present 12-month gene therapy data at the Association for Research in Vision and Ophthalmology (ARVO) 2025 on the first three adult patients from the Phase 1/2 trial of OPGx-LCA5, targeting LCA5-associated inherited retinal disease. Additionally, the first pediatric patient data for OPGx-LCA5 is anticipated in the third quarter of 2025. These updates follow a constructive Type D meeting with the FDA, which supported the regulatory path for OPGx-LCA5, including ongoing registrational feedback.
The company’s initial positive visual acuity gains among the three Phase 1/2 non-pediatric patients, aged between 19 and 34, with advanced LCA5 disease, have been encouraging. These patients suffer from null or nonfunctional proteins, poor visual acuity, and severe photoreceptor loss. The company’s approach targets early-onset severe hereditary retinal degeneration in LCA5. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 6.63, providing adequate resources for its clinical development programs.
Furthermore, Opus Genetics is preparing for the Phase 1/2 development of OPGx-BEST1, a gene therapy candidate aimed at treating mutations in the BEST1 gene associated with inherited progressive vision loss. The initiation of the Phase 1/2 trial for OPGx-BEST1 is scheduled for 2025, with preliminary data expected in the first quarter of 2026.
The analyst from H.C. Wainwright has expressed optimism about the company’s continued progress in its IRD pipeline and the broader partnered development. This positive outlook underpins the firm’s decision to reiterate the Buy rating and the $8 price target for Opus Genetics stock. With a market capitalization of $44.15 million and trading below its InvestingPro Fair Value, investors seeking detailed analysis can access additional financial metrics and 10 more exclusive ProTips through an InvestingPro subscription.
In other recent news, Opus Genetics reported a net loss of approximately $56.8 million for the year 2024, with cash and cash equivalents estimated at $30.3 million. The company successfully closed a $20 million public offering and a $1.5 million private placement, led by Perceptive Advisors and Nantahala Capital, to fund its gene therapy programs and corporate expenses. The public offering involved the sale of over 21 million shares and warrants, while the private placement included approximately 1.2 million shares and warrants. Opus Genetics also announced amendments to its corporate bylaws, enhancing shareholder rights, such as allowing holders of 20% of shares to call a special meeting. In a legal move, the company filed a patent infringement lawsuit against Sandoz (SIX:SDZ) Inc. to protect its drug RYZUMVI™. Additionally, Opus granted stock options to two new employees as part of their employment package, with options vesting over four years. These developments reflect Opus Genetics’ ongoing efforts to advance its product pipeline and safeguard its intellectual property.
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