Opus Genetics, Inc. (NASDAQ:IRD) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $10.30.

IRD has been the subject of several research reports. Oppenheimer initiated coverage on Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective for the company. Citizens Jmp initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued a “market perform” rating and a $12.00 price objective for the company. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a research report on Thursday. Citigroup initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued an “outperform” rating for the company. Finally, BTIG Research increased their price objective on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, March 2nd.

Opus Genetics Stock Performance

IRD opened at $5.14 on Monday. Opus Genetics has a 1-year low of $0.90 and a 1-year high of $5.81. The stock has a market capitalization of $367.00 million, a price-to-earnings ratio of -6.27 and a beta of 0.62. The business has a 50 day moving average of $4.77 and a 200-day moving average of $3.15.

Insider Transactions at Opus Genetics

In related news, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the transaction, the insider directly owned 509,233 shares in the company, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.18, for a total value of $40,621.56. Following the completion of the transaction, the chief financial officer owned 592,158 shares of the company’s stock, valued at $3,067,378.44. The trade was a 1.31% 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. Over the last three months, insiders have sold 73,395 shares of company stock valued at $382,278. Company insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Nantahala Capital Management LLC raised its stake in shares of Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics in the fourth quarter valued at $5,463,000. Millennium Management LLC acquired a new position in shares of Opus Genetics in the fourth quarter valued at $4,025,000. Mink Brook Asset Management LLC raised its stake in shares of 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 valued at $3,348,000 after purchasing an additional 427,684 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after purchasing an additional 349,825 shares in the last quarter. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.