Citizens Jmp Has Lowered Expectations for Opus Genetics (NASDAQ:IRD) Stock Price

Opus Genetics (NASDAQ:IRD) had its target price decreased by research analysts at Citizens Jmp from $12.00 to $11.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would suggest a potential upside of 118.56% from the stock’s current price.

Several other analysts have also recently weighed in on IRD. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Cantor Fitzgerald started coverage on shares of Opus Genetics in a research note on Monday, March 30th. They issued an “overweight” rating and a $15.00 target price on the stock. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, March 1st. Finally, BTIG Research lifted their price objective on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $10.20.

Opus Genetics Stock Performance

NASDAQ IRD traded down $0.15 on Wednesday, hitting $5.03. The stock had a trading volume of 123,281 shares, compared to its average volume of 900,582. The firm has a 50-day moving average of $4.96 and a 200-day moving average of $3.29. Opus Genetics has a 52-week low of $0.90 and a 52-week high of $5.81. The company has a market capitalization of $359.36 million, a price-to-earnings ratio of -6.15 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 349.33% and a negative return on equity of 338.88%. The firm had revenue of $2.16 million for the quarter. As a group, research analysts anticipate that Opus Genetics will post -0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Opus Genetics news, CEO George Magrath sold 24,438 shares of the business’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 transaction, the chief executive officer owned 1,750,855 shares of the company’s stock, valued at approximately $9,121,954.55. The trade was a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Benjamin R. Yerxa sold 7,470 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total transaction of $39,142.80. Following the sale, the president owned 711,535 shares of the company’s stock, valued at approximately $3,728,443.40. This represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 73,395 shares of company stock worth $382,278 over the last three months. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

A number of hedge funds have recently bought and sold shares of IRD. Blair William & Co. IL lifted its holdings in shares of Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after acquiring an additional 3,000 shares during the last quarter. Raymond James Financial Inc. raised its position in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Occudo Quantitative Strategies LP bought a new stake in shares of Opus Genetics in the 4th quarter valued at approximately $25,000. Virtu Financial LLC bought a new stake in shares of Opus Genetics in the 4th quarter valued at approximately $34,000. Finally, Johnson Investment Counsel Inc. purchased a new position in shares of Opus Genetics in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors 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.