Opus Genetics, Inc. (NASDAQ:IRD) Receives $10.77 Average PT from Analysts

Opus Genetics, Inc. (NASDAQ:IRD) has received a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $10.7692.

Several equities analysts have weighed in on IRD shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research report on Friday, July 17th. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research report on Monday, July 6th. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Royal Bank Of Canada initiated coverage on Opus Genetics in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $10.00 price objective for the company. Finally, Leerink Partners assumed coverage on shares of Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price for the company.

Insider Activity

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the sale, the director directly owned 3,792,171 shares in the company, valued at $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently modified their holdings of the company. Seven Fleet Capital Management LP acquired a new stake in Opus Genetics during the first quarter worth approximately $611,000. Bank of America Corp DE raised its holdings in Opus Genetics by 2,965.6% in the 1st quarter. Bank of America Corp DE now owns 67,015 shares of the company’s stock valued at $305,000 after acquiring an additional 64,829 shares during the last quarter. ADAR1 Capital Management LLC raised its holdings in Opus Genetics by 4,522.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after acquiring an additional 1,809,004 shares during the last quarter. Regency Capital Management Inc. DE lifted its stake in shares of Opus Genetics by 47.8% during the 1st quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company’s stock worth $309,000 after purchasing an additional 22,000 shares during the period. Finally, Virtu Financial LLC purchased a new position in shares of Opus Genetics during the 4th quarter worth $34,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Opus Genetics Price Performance

IRD stock opened at $3.08 on Friday. The company’s 50 day simple moving average is $3.94 and its 200-day simple moving average is $4.00. The firm has a market capitalization of $254.32 million, a PE ratio of -2.32 and a beta of 0.55. Opus Genetics has a 12 month low of $1.04 and a 12 month high of $5.81.

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