** Piper Sandler initiates coverage on Opus Genetics IRD.O with an "overweight" rating; sets PT at $7, reflecting about 250% upside on the stock's last close

** Shares of clinical-stage biopharmaceutical company rise 4.5% to $2.09 premarket

** Brokerage is bullish about IRD following strong early clinical data for its lead program OPGx-LCA5 in an ultra-rare eye disease (LCA5)

** Piper Sandler notes how the company is targeting ultra-rare diseases first like LCA5 and BEST1 where competition is minimal and regulatory pathways are often faster

** All eight brokerages rate the stock "buy" or higher; their median PT is $8 - data compiled by LSEG

** As of last close, IRD stock is up ~68.1%

(Reporting by Anuj T in Bengaluru)

((anuj.t@thomsonreuters.com))