Opus Genetics, Inc. (NASDAQ:IRD) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have received an average rating of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $10.7692.

Several research analysts have issued reports on IRD shares. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the stock a “buy” rating in a report on Wednesday, March 11th. Wall Street Zen cut shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Oppenheimer started coverage on shares of Opus Genetics in a report on Monday, March 16th. They issued an “outperform” rating and a $10.00 target price for the company. Finally, Citigroup started coverage on shares of Opus Genetics in a report on Tuesday, April 28th. They issued an “outperform” rating for the company.

Insider Activity

In other Opus Genetics news, CEO George Magrath sold 9,511 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total transaction of $49,647.42. Following the completion of the sale, the chief executive officer directly owned 1,741,344 shares of the company’s stock, valued at approximately $9,089,815.68. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 7,842 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total transaction of $40,621.56. Following the completion of the transaction, the chief financial officer owned 592,158 shares of the company’s stock, valued at approximately $3,067,378.44. The trade was a 1.31% 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 sold 1,738,703 shares of company stock valued at $7,596,606 over the last three months. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank purchased a new stake in Opus Genetics during the first quarter valued at $29,000. Royal Bank of Canada purchased a new stake in Opus Genetics during the first quarter valued at $299,000. Nantahala Capital Management LLC raised its stake in Opus Genetics by 6.0% during the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock valued at $3,152,000 after purchasing an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC raised its stake in Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock valued at $1,128,000 after purchasing an additional 387,536 shares in the last quarter. Finally, Opaleye Management Inc. raised its stake in Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock valued at $1,149,000 after purchasing an additional 45,000 shares in the last quarter. Institutional investors own 14.97% of the company’s stock.

Opus Genetics Stock Up 7.5%

Shares of Opus Genetics stock opened at $4.00 on Tuesday. The firm has a market cap of $330.28 million, a PE ratio of -3.01 and a beta of 0.56. Opus Genetics has a 12-month low of $0.90 and a 12-month high of $5.81. The company’s fifty day simple moving average is $4.55 and its two-hundred day simple moving average is $3.78.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The company had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. As a group, sell-side analysts expect that Opus Genetics will post -1.08 earnings per share for the current fiscal year.

Opus Genetics Company Profile

Opus Genetics Inc is a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. Opus Genetics Inc, formerly known as Ocuphire Pharma Inc, is based in Farmington Hills, Michigan.