Oppenheimer Initiates Coverage on Opus Genetics (NASDAQ:IRD)

Investment analysts at Oppenheimer assumed coverage on shares of Opus Genetics (NASDAQ:IRD) in a research report issued on Monday. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 98.81% from the company’s current price.

IRD has been the topic of several other reports. 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. Piper Sandler assumed coverage on Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price target for the company. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. Wedbush raised their price objective on Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Brookline Capital Acquisition raised Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $9.33.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $5.03 on Monday. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $5.30. The firm’s 50-day simple moving average is $3.19 and its 200 day simple moving average is $2.34. The firm has a market cap of $357.88 million, a price-to-earnings ratio of -6.13 and a beta of 0.44.

Insider Buying and Selling

In other news, Director Cam Gallagher bought 83,000 shares of the company’s stock in a transaction dated Monday, December 29th. The stock was bought at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the transaction, the director owned 83,000 shares of the company’s stock, valued at $163,510. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

Large investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in Opus Genetics in the fourth quarter valued at approximately $34,000. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics during the fourth quarter worth $25,000. Opaleye Management Inc. boosted its holdings in shares of Opus Genetics by 1.8% in the 4th quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock valued at $2,251,000 after purchasing an additional 20,000 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of Opus Genetics in the 4th quarter valued at $4,025,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Opus Genetics in the 4th quarter valued at $5,463,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

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.