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

Opus Genetics, Inc. (NASDAQ:IRD) has been given a consensus recommendation of “Moderate Buy” by the seventeen research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $10.7692.

Several equities research analysts recently commented on the stock. Citigroup began coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Chardan Capital reissued a “buy” rating and issued a $13.00 target price on shares of Opus Genetics in a report on Monday, July 6th.

Insider Activity

In related news, CFO Robert E. Gagnon sold 7,842 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total transaction of $40,621.56. Following the transaction, the chief financial officer owned 592,158 shares in the company, valued at $3,067,378.44. This trade represents a 1.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of Opus Genetics stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.24, for a total value of $39,142.80. Following the transaction, the president directly owned 711,535 shares in the company, valued at approximately $3,728,443.40. This trade represents a 1.04% 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 a total of 1,738,703 shares of company stock worth $7,596,606 over the last ninety days. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently modified their holdings of the business. Comerica Bank purchased a new stake in Opus Genetics in the 1st quarter valued at $29,000. Royal Bank of Canada acquired a new stake in Opus Genetics during the 1st quarter worth $299,000. Nantahala Capital Management LLC grew its position in Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after purchasing an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in Opus Genetics by 47.8% in the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock valued at $1,128,000 after purchasing an additional 387,536 shares during the period. Finally, Opaleye Management Inc. raised its holdings in shares of Opus Genetics by 3.8% in the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock valued at $1,149,000 after buying an additional 45,000 shares during the last quarter. 14.97% of the stock is owned by institutional investors and hedge funds.

Opus Genetics Trading Down 0.3%

IRD stock opened at $3.27 on Friday. Opus Genetics has a twelve month low of $1.04 and a twelve month high of $5.81. The company’s 50 day moving average is $4.13 and its two-hundred day moving average is $3.96. The stock has a market cap of $269.99 million, a P/E ratio of -2.46 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last issued its earnings results 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 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 analyst estimates of $2.93 million. On average, equities research analysts predict that Opus Genetics will post -1.08 earnings per share for the current 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.