Wall Street Zen Upgrades Opus Genetics (NASDAQ:IRD) to Hold

Opus Genetics (NASDAQ:IRD) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also weighed in on IRD. Chardan Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of Opus Genetics in a research report on Thursday, November 13th. Piper Sandler started coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 target price for the company. B. Riley assumed coverage on shares of Opus Genetics in a research note on Wednesday. They set a “buy” rating and a $9.00 price target on the stock. Wedbush assumed coverage on shares of Opus Genetics in a report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price target for the company. Finally, Brookline Capital Management upgraded shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.86.

Opus Genetics Stock Performance

Shares of IRD stock opened at $2.36 on Friday. The stock’s 50-day moving average price is $2.04 and its 200 day moving average price is $1.49. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $162.75 million, a PE ratio of -1.26 and a beta of 0.42. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.59.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. The company had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $3.07 million. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%. As a group, equities research analysts forecast that Opus Genetics will post -1.22 EPS for the current year.

Insider Transactions at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of Opus Genetics stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $2.15, for a total transaction of $8,600,000.00. Following the completion of the transaction, the director directly owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. The trade was a 42.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Opus Genetics in the 1st quarter worth about $26,000. Comerica Bank acquired a new position in Opus Genetics during the first quarter worth about $29,000. Raymond James Financial Inc. raised its position in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares during the last quarter. Voss Capital LP purchased a new stake in shares of Opus Genetics in the first quarter valued at about $147,000. Finally, Two Sigma Investments LP grew its position in shares of Opus Genetics by 169.6% in the third quarter. Two Sigma Investments LP now owns 108,338 shares of the company’s stock valued at $179,000 after purchasing an additional 68,148 shares during the last quarter. Institutional investors and hedge funds 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.