Opus Genetics (NASDAQ:IRD) Given New $10.00 Price Target at Wedbush

Opus Genetics (NASDAQ:IRD) had its price objective lifted by analysts at Wedbush from $8.00 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective indicates a potential upside of 99.60% from the stock’s current price.

Several other analysts have also recently weighed in on IRD. Chardan Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Opus Genetics in a report on Thursday, November 13th. Craig Hallum set a $9.00 price objective on shares of Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday. Lifesci Capital raised shares of Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. BTIG Research boosted their price target on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $9.25.

Opus Genetics Trading Up 3.3%

NASDAQ:IRD opened at $5.01 on Thursday. 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 $5.30. The company has a market cap of $345.49 million, a P/E ratio of -6.11 and a beta of 0.45. The stock’s fifty day moving average price is $3.07 and its two-hundred day moving average price is $2.28.

Insider Activity at Opus Genetics

In related news, Director Cam Gallagher bought 83,000 shares of the stock in a transaction dated Monday, December 29th. The stock was bought at an average price of $1.97 per share, with a total value of $163,510.00. Following the purchase, the director owned 83,000 shares in the company, valued at approximately $163,510. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Large investors have recently added to or reduced their stakes in the company. Nantahala Capital Management LLC lifted its holdings in Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock worth $9,610,000 after buying an additional 1,435,407 shares during the period. BIOS Capital Management LP lifted its stake in shares of Opus Genetics by 270.1% in the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after purchasing an additional 2,688,180 shares during the period. Balyasny Asset Management L.P. bought a new stake in shares of Opus Genetics during the fourth quarter valued at approximately $5,463,000. Millennium Management LLC purchased a new stake in Opus Genetics in the fourth quarter worth $4,025,000. Finally, Mink Brook Asset Management LLC raised its holdings in Opus Genetics by 34.5% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock worth $3,348,000 after purchasing an additional 427,684 shares in the last quarter. Institutional investors own 14.97% of the company’s stock.

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.