Analysts Set Opus Genetics, Inc. (NASDAQ:IRD) Target Price at $10.83

Opus Genetics, Inc. (NASDAQ:IRD) has earned an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $10.7692.

A number of brokerages have recently commented on IRD. Wall Street Zen cut shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Opus Genetics in a report on Wednesday, June 17th. Royal Bank Of Canada initiated coverage on shares of Opus Genetics in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 target price for the company. Guggenheim initiated coverage on shares of Opus Genetics in a research note on Thursday, June 4th. They set a “buy” rating and a $16.00 price target on the stock. Finally, Citigroup initiated coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $5.18, for a total transaction of $40,621.56. Following the transaction, the chief financial officer directly owned 592,158 shares in the company, valued at approximately $3,067,378.44. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the transaction, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Occudo Quantitative Strategies LP purchased a new stake in shares of Opus Genetics in the fourth quarter valued at about $25,000. Virtu Financial LLC purchased a new stake in shares of Opus Genetics in the fourth quarter valued at about $34,000. Johnson Investment Counsel Inc. purchased a new stake in shares of Opus Genetics in the fourth quarter valued at about $40,000. Raymond James Financial Inc. lifted its holdings in shares of Opus Genetics by 95.6% in 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 in the last quarter. Finally, Blair William & Co. IL lifted its holdings in shares of Opus Genetics by 12.3% in the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after purchasing an additional 3,000 shares in the last quarter. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Opus Genetics Trading Up 1.5%

Opus Genetics stock opened at $4.06 on Tuesday. The stock has a market cap of $335.23 million, a P/E ratio of -3.05 and a beta of 0.56. The company has a fifty day simple moving average of $4.51 and a 200-day simple moving average of $3.80. Opus Genetics has a 12-month low of $0.90 and a 12-month high of $5.81.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.93 million. As a group, sell-side analysts forecast that Opus Genetics will post -1.08 earnings per share for the current fiscal 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.