Opus Genetics, Inc. (NASDAQ:IRD) Receives $7.75 Consensus Price Target from Analysts

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $7.75.

IRD has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday. B. Riley assumed coverage on shares of Opus Genetics in a research report on Wednesday, December 10th. They set a “buy” rating and a $9.00 target price on the stock. BTIG Research began coverage on shares of Opus Genetics in a report on Tuesday, January 20th. They issued a “buy” rating and a $7.00 target price on the stock. Brookline Capital Management upgraded shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Finally, Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th.

Insider Activity

In related news, Director Cam Gallagher purchased 83,000 shares of the stock in a transaction that occurred on Monday, December 29th. The shares were purchased at an average price of $1.97 per share, with a total value of $163,510.00. Following the completion of the acquisition, the director directly owned 83,000 shares in the company, valued at $163,510. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Fighting Blindness Foundation sold 4,000,000 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $2.15, for a total value of $8,600,000.00. Following the completion of the transaction, the director owned 5,492,171 shares in the company, valued at $11,808,167.65. This trade represents a 42.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BIOS Capital Management LP raised its stake in shares of Opus Genetics by 270.1% during the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock worth $3,462,000 after buying an additional 2,688,180 shares in the last quarter. Nantahala Capital Management LLC grew its holdings in Opus Genetics by 6.0% during the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after acquiring an additional 188,028 shares during the period. Vanguard Group Inc. raised its position in Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock worth $2,214,000 after acquiring an additional 349,825 shares in the last quarter. Mink Brook Asset Management LLC raised its position in Opus Genetics by 3.4% in the third quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock worth $2,043,000 after acquiring an additional 40,331 shares in the last quarter. Finally, Opaleye Management Inc. lifted its holdings in Opus Genetics by 3.8% in the second 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. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Price Performance

Shares of IRD opened at $2.81 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.23 and a quick ratio of 1.23. Opus Genetics has a 1-year low of $0.65 and a 1-year high of $2.85. The stock has a market cap of $193.78 million, a PE ratio of -1.49 and a beta of 0.41. The firm has a fifty day moving average price of $2.12 and a 200 day moving average price of $1.74.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.02. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%.The company had revenue of $3.08 million for the quarter, compared to analyst estimates of $3.07 million. As a group, sell-side analysts anticipate that Opus Genetics will post -1.22 EPS 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.