Opus Genetics, Inc. (NASDAQ:IRD) Receives $10.77 Average Target Price from Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $10.7692.

A number of brokerages recently weighed in on IRD. BTIG Research restated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Royal Bank Of Canada started coverage on shares of Opus Genetics in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 price target for the company. Citigroup assumed coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock. Finally, Leerink Partners began coverage on Opus Genetics in a report on Thursday, May 21st. They set an “outperform” rating and a $10.00 target price on the stock.

Opus Genetics Trading Down 0.3%

Shares of NASDAQ IRD opened at $3.05 on Friday. Opus Genetics has a 12-month low of $1.04 and a 12-month high of $5.81. The company has a market cap of $251.84 million, a PE ratio of -2.29 and a beta of 0.55. The stock has a 50 day simple moving average of $4.01 and a 200-day simple moving average of $4.00.

Opus Genetics (NASDAQ:IRD) last posted 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 during the quarter, compared to analyst estimates of $2.93 million. Sell-side analysts forecast that Opus Genetics will post -1.08 earnings per share for the current fiscal year.

Insider Activity at Opus Genetics

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the sale, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds have recently made changes to their positions in the company. Occudo Quantitative Strategies LP bought a new stake in shares of Opus Genetics in the fourth quarter valued at about $25,000. ADAR1 Capital Management LLC bought a new position in Opus Genetics during the fourth quarter valued at about $80,000. Blair William & Co. IL raised its holdings in Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after acquiring an additional 3,000 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in Opus Genetics in the 4th quarter valued at approximately $177,000. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Opus Genetics in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors 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.