Opus Genetics, Inc. (NASDAQ:IRD) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have received an average recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $10.6923.

Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday. Leerink Partners assumed coverage on shares of Opus Genetics in a research report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, June 17th. TD Cowen assumed coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating on the stock. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $3.88 on Wednesday. The business’s fifty day moving average price is $3.80 and its two-hundred day moving average price is $4.14. Opus Genetics has a fifty-two week low of $1.04 and a fifty-two week high of $5.81. The stock has a market capitalization of $320.68 million, a price-to-earnings ratio of -2.87 and a beta of 0.59.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. Research analysts expect that Opus Genetics will post -1.09 EPS for the current fiscal year.

Insider Activity at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer directly owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the sale, the director directly owned 3,792,171 shares of the company’s stock, valued at $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,729,331 shares of company stock worth $7,481,629 over the last three months. 11.70% of the stock is owned by company insiders.

Institutional Trading of Opus Genetics

Several large investors have recently made changes to their positions in the business. Nantahala Capital Management LLC increased its stake in shares of Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after buying an additional 1,435,407 shares in the last quarter. BlackRock Inc. acquired a new position in Opus Genetics during the 2nd quarter worth about $12,809,000. Balyasny Asset Management L.P. acquired a new position in Opus Genetics during the 4th quarter worth about $5,463,000. Millennium Management LLC bought a new stake in Opus Genetics during the 4th quarter worth about $4,025,000. Finally, ADAR1 Capital Management LLC grew its holdings in Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after acquiring an additional 1,809,004 shares during the last quarter. Institutional investors own 14.97% of the company’s stock.

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.