BTIG Research Reaffirms “Buy” Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reiterated by equities research analysts at BTIG Research in a note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. BTIG Research’s target price would suggest a potential upside of 180.00% from the company’s previous close.

IRD has been the subject of several other research reports. Piper Sandler assumed coverage on Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price target for the company. Wedbush assumed coverage on shares of Opus Genetics in a research report on Wednesday, October 29th. They issued an “outperform” rating and a $8.00 target price for the company. Brookline Capital Management upgraded shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Chardan Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Opus Genetics in a research note on Thursday, November 13th. Finally, B. Riley started coverage on shares of Opus Genetics in a report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.75.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $2.50 on Wednesday. The firm’s 50 day moving average is $2.17 and its two-hundred day moving average is $1.76. The firm has a market capitalization of $172.40 million, a P/E ratio of -1.33 and a beta of 0.41. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.18. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $3.05.

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

Insider Buying and Selling

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were 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 in the company, valued at $11,808,167.65. The trade was a 42.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Cam Gallagher bought 83,000 shares of Opus Genetics stock in a transaction that occurred on Monday, December 29th. The shares were acquired at an average price of $1.97 per share, with a total value of $163,510.00. Following the completion of the acquisition, the director directly owned 83,000 shares of the company’s stock, valued at $163,510. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 6.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently modified their holdings of IRD. Raymond James Financial Inc. raised its position in shares of 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 purchasing an additional 11,000 shares during the period. Voss Capital LP increased its stake in Opus Genetics by 3.9% in the 3rd quarter. Voss Capital LP now owns 562,377 shares of the company’s stock worth $928,000 after purchasing an additional 21,218 shares in the last quarter. Comerica Bank purchased a new position in Opus Genetics in the 1st quarter worth about $29,000. Mink Brook Asset Management LLC raised its holdings in Opus Genetics by 3.4% during the 3rd quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock worth $2,043,000 after buying an additional 40,331 shares during the period. 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 valued at $1,149,000 after buying an additional 45,000 shares in the last quarter. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.