Opus Genetics (NASDAQ:IRD) Upgraded by Zacks Research to Hold Rating

Opus Genetics (NASDAQ:IRD) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Citizens Jmp dropped their price objective on Opus Genetics from $12.00 to $11.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 13th. Guggenheim assumed coverage on Opus Genetics in a research note on Thursday, June 4th. They issued a “buy” rating and a $16.00 price objective on the stock. Chardan Capital increased their price objective on Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price objective on the stock. Finally, Craig Hallum set a $9.00 price objective on Opus Genetics and gave the stock a “buy” rating in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.67.

Opus Genetics Stock Up 0.5%

Shares of NASDAQ:IRD opened at $3.91 on Wednesday. Opus Genetics has a 52-week low of $0.90 and a 52-week high of $5.81. The stock has a market cap of $322.85 million, a P/E ratio of -2.94 and a beta of 0.56. The business’s 50 day moving average is $4.80 and its 200 day moving average is $3.65.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The firm had revenue of $2.16 million during the quarter, compared to the consensus estimate of $2.93 million. On average, sell-side analysts anticipate that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Activity at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,511 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.22, for a total transaction of $49,647.42. Following the completion of the sale, the chief executive officer owned 1,741,344 shares in the company, valued at $9,089,815.68. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 sale, the insider owned 509,233 shares of the company’s stock, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their position. 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 1,773,395 shares of company stock valued at $7,777,278 over the last 90 days. Insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Hedge funds have recently bought and sold shares of the stock. Blair William & Co. IL lifted its holdings in shares of Opus Genetics by 12.3% during the 4th 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 during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Opus Genetics by 95.6% during the 3rd 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 last quarter. Occudo Quantitative Strategies LP purchased a new stake in shares of Opus Genetics during the 4th quarter valued at $25,000. Virtu Financial LLC purchased a new stake in shares of Opus Genetics during the 4th quarter valued at $34,000. Finally, Johnson Investment Counsel Inc. purchased a new stake in shares of Opus Genetics during the 4th quarter valued at $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.