Opus Genetics’ (IRD) Buy Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Opus Genetics (NASDAQ:IRD) in a research report report published on Wednesday,Benzinga reports. The firm currently has a $8.00 target price on the stock.

A number of other research analysts have also commented on the company. Royal Bank Of Canada cut their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. BTIG Research reissued a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a report on Wednesday. Leerink Partners assumed coverage on shares of Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price on the stock. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $13.00 target price on shares of Opus Genetics in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $11.92.

Opus Genetics Stock Down 0.5%

IRD opened at $6.04 on Wednesday. The stock’s 50 day moving average price is $3.89 and its two-hundred day moving average price is $4.34. The firm has a market capitalization of $499.21 million, a P/E ratio of -4.47 and a beta of 0.58. Opus Genetics has a 12-month low of $1.35 and a 12-month high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. As a group, analysts anticipate that Opus Genetics will post -0.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO George Magrath sold 9,475 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 28,000 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, the chief financial officer owned 556,375 shares in the company, valued at $2,525,942.50. The trade was a 4.79% 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 57,331 shares of company stock valued at $213,749 over the last ninety days. Insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Trails Edge Capital Partners LP bought a new stake in Opus Genetics during the 2nd quarter worth about $11,276,434. BlackRock Inc. bought a new position in shares of Opus Genetics in the second quarter worth about $12,809,000. ADAR1 Capital Management LLC bought a new position in shares of Opus Genetics in the second quarter worth about $7,331,000. Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics during the second quarter worth approximately $12,582,185. Finally, AWM Investment Company Inc. acquired a new position in shares of Opus Genetics during the second quarter worth approximately $956,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics News Summary

Here are the key news stories impacting Opus Genetics this week:

• Positive Sentiment: Oppenheimer said Opus Genetics’ stock price is expected to rise, adding another favorable analyst view. Oppenheimer Analyst Says Opus Genetics Stock Price Expected to Rise
• Positive Sentiment: HC Wainwright assigned Opus Genetics a “buy” rating, reinforcing the positive outlook from Wall Street analysts. Opus Genetics Earns Buy Rating from HC Wainwright
• Positive Sentiment: BTIG Research also initiated or reiterated a “buy” rating, potentially improving sentiment toward the biotechnology company. Opus Genetics Earns Buy Rating from BTIG Research
• Positive Sentiment: Unusually heavy options activity included substantial call-option purchases. This can signal bullish positioning, although options flows are speculative and may increase volatility. Traders Purchase High Volume of Call Options on Opus Genetics
• Neutral Sentiment: Reports described analyst opinions as mixed, indicating that bullish price targets are not necessarily shared across the entire analyst community. Analysts’ Opinions Are Mixed on Opus Genetics
• Neutral Sentiment: The reported September short-interest data showed zero shares short, but the figures appear inconsistent and provide little actionable information about investor positioning.

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.