Opus Genetics (NASDAQ:IRD) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Opus Genetics (NASDAQ:IRD) in a research report sent to investors on Monday, MarketBeat.com reports. The brokerage issued an overweight rating and a $15.00 price objective on the stock.

IRD has been the topic of a number of other reports. BTIG Research boosted their price objective on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, March 1st. upgraded Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.11.

Opus Genetics Stock Up 3.1%

IRD stock opened at $4.69 on Monday. The firm has a market cap of $333.69 million, a price-to-earnings ratio of -5.72 and a beta of 0.52. The company’s fifty day simple moving average is $3.84 and its 200 day simple moving average is $2.63. Opus Genetics has a 12-month low of $0.65 and a 12-month high of $5.30.

Insider Activity

In other news, CEO George Magrath sold 24,438 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $5.21, for a total value of $127,321.98. Following the completion of the sale, the chief executive officer directly owned 1,750,855 shares in the company, valued at $9,121,954.55. This trade represents a 1.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 34,692 shares of company stock worth $180,672. 6.60% of the stock is owned by corporate insiders.

Institutional Trading of Opus Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Opus Genetics in the fourth quarter worth approximately $34,000. Occudo Quantitative Strategies LP acquired a new stake in Opus Genetics in the fourth quarter valued at approximately $25,000. Opaleye Management Inc. grew its stake in Opus Genetics by 1.8% in the fourth quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock valued at $2,251,000 after acquiring an additional 20,000 shares during the period. Millennium Management LLC bought a new stake in shares of Opus Genetics during the fourth quarter valued at approximately $4,025,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics during the fourth quarter worth approximately $5,463,000. 14.97% of the stock is owned by institutional investors.

About Opus Genetics

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.