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

Opus Genetics, Inc. (NASDAQ:IRD) has earned a consensus rating of “Moderate Buy” from the fifteen research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, twelve have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $10.1818.

Several equities research analysts recently commented on the company. Chardan Capital upped their target price on Opus Genetics from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. Oppenheimer began coverage on Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 target price on the stock. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Zacks Research lowered Opus Genetics from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Cantor Fitzgerald began coverage on Opus Genetics in a report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price target on the stock.

Opus Genetics Price Performance

Shares of Opus Genetics stock opened at $4.20 on Friday. Opus Genetics has a one year low of $0.90 and a one year high of $5.81. The stock’s 50-day moving average is $4.88 and its 200 day moving average is $3.49. The firm has a market cap of $341.88 million, a price-to-earnings ratio of -3.16 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Tuesday, May 12th. The company reported ($0.75) 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 business had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. On average, sell-side analysts expect that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other Opus Genetics news, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total value of $39,142.98. Following the transaction, the insider owned 509,233 shares in the company, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 7,842 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the completion of the transaction, the chief financial officer owned 592,158 shares in the company, valued at approximately $3,067,378.44. The trade was a 1.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,773,395 shares of company stock valued at $7,777,278. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Occudo Quantitative Strategies LP purchased a new stake in shares of Opus Genetics in the fourth quarter worth approximately $25,000. Comerica Bank purchased a new stake in shares of Opus Genetics in the first quarter worth approximately $29,000. Virtu Financial LLC purchased a new stake in shares of Opus Genetics in the fourth quarter worth approximately $34,000. Raymond James Financial Inc. raised its stake in shares of Opus Genetics by 95.6% in 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 last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in shares of Opus Genetics in the fourth quarter worth approximately $40,000. Institutional investors own 14.97% of the company’s stock.

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.