Opus Genetics (NASDAQ:IRD) Upgraded by Zacks Research to Hold Rating

Opus Genetics (NASDAQ:IRD) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts have also commented on the company. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Leerink Partners initiated coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price for the company. Wedbush raised their target price on Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, March 12th. Craig Hallum set a $9.00 target price on Opus Genetics and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Finally, Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.67.

Opus Genetics Trading Up 0.5%

Shares of IRD opened at $3.91 on Wednesday. Opus Genetics has a 12 month low of $0.90 and a 12 month high of $5.81. The stock has a fifty day moving average price of $4.80 and a 200-day moving average price of $3.65. The firm has a market cap of $322.85 million, a PE ratio of -2.94 and a beta of 0.56.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The business had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $2.93 million. As a group, research analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insider Activity at Opus Genetics

In other Opus Genetics news, CFO Robert E. Gagnon sold 7,842 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total transaction of $40,621.56. Following the sale, the chief financial officer directly owned 592,158 shares of the company’s stock, valued at approximately $3,067,378.44. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total value of $39,142.98. Following the sale, the insider directly owned 509,233 shares in the company, valued at $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,773,395 shares of company stock worth $7,777,278 in the last three months. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRD. Comerica Bank acquired a new stake in Opus Genetics during the 1st quarter worth about $29,000. Royal Bank of Canada acquired a new stake in Opus Genetics during the 1st quarter worth about $299,000. Nantahala Capital Management LLC grew its position in Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after purchasing an additional 188,028 shares during the period. Mink Brook Asset Management LLC grew its position in shares of Opus Genetics by 47.8% during the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock valued at $1,128,000 after acquiring an additional 387,536 shares during the period. Finally, Opaleye Management Inc. grew its position in shares of Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock valued at $1,149,000 after acquiring an additional 45,000 shares during the period. 14.97% of the stock is owned by institutional investors and hedge funds.

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.