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

Opus Genetics, Inc. (NASDAQ:IRD) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $7.75.

Several equities research analysts have issued reports on IRD shares. Wedbush started coverage on Opus Genetics in a report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price target for the company. B. Riley started coverage on shares of Opus Genetics in a research note on Wednesday, December 10th. They set a “buy” rating and a $9.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Wednesday, October 8th. Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Finally, Chardan Capital restated a “buy” rating and set a $9.00 price objective on shares of Opus Genetics in a research report on Thursday, November 13th.

Opus Genetics Price Performance

Shares of NASDAQ IRD opened at $2.56 on Friday. 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 business’s 50 day moving average price is $2.10 and its two-hundred day moving average price is $1.72. The company has a market cap of $176.54 million, a PE ratio of -1.36 and a beta of 0.41. Opus Genetics has a twelve month low of $0.65 and a twelve month high of $2.59.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Wednesday, November 12th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.02. The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $3.07 million. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%. On average, analysts predict that Opus Genetics will post -1.22 EPS for the current year.

Insider Activity at Opus Genetics

In other news, Director Cam Gallagher acquired 83,000 shares of the firm’s stock in a transaction on Monday, December 29th. The shares were purchased at an average cost of $1.97 per share, with a total value of $163,510.00. Following the acquisition, the director directly owned 83,000 shares in the company, valued at $163,510. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 value of $8,600,000.00. Following the sale, the director directly owned 5,492,171 shares of the company’s stock, valued at $11,808,167.65. This represents a 42.14% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently modified their holdings of IRD. BIOS Capital Management LP raised its position in shares of Opus Genetics by 270.1% in the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after buying an additional 2,688,180 shares in the last quarter. Nantahala Capital Management LLC boosted its position in shares of 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 acquiring an additional 188,028 shares in the last quarter. Vanguard Group Inc. increased its stake in 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 acquiring an additional 349,825 shares during the last quarter. Mink Brook Asset Management LLC raised its position in Opus Genetics by 3.4% during the third quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock valued at $2,043,000 after purchasing an additional 40,331 shares in the last quarter. Finally, Opaleye Management Inc. lifted its stake in Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock worth $1,149,000 after purchasing an additional 45,000 shares during the last quarter. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.