Craig-Hallum Starts Opus Genetics (IRD) at Buy

Craig-Hallum analyst Albert Love initiates coverage on Opus Genetics (NASDAQ: IRD) with a Buy rating and a price target of $6.00.

The analyst comments "We are initiating coverage of Opus Genetics with a Buy rating and $6 PT. We see significant potential upside around the company’s pipeline of AAV gene therapies for inherited retinal diseases (IRDs), with compelling POC from lead candidate OPGx-LCA5, which has shown improved vision in legally blind LCA5 patients and has clarity on an accelerated development pathway, providing a template for efficient drug development. We believe Opus’s platform is de-risked, as it utilizes a validated approach of subretinal AAV delivery to address IRDs that are well-suited for gene therapy and follows a regulatory pathway established by Luxturna. Opus’s robust pipeline, led by OPGx-LCA5 and OPGxBEST1, represents significant commercial opportunities with the potential to improve vision in rare blindness diseases with a one-time treatment, and we see clear opportunity for share appreciation as clinical development continues with multiple data catalysts expected in ‘25."

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Shares of Opus Genetics closed at $0.71 yesterday.

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