Opus Genetics (NASDAQ:IRD) Research Coverage Started at BTIG Research

BTIG Research began coverage on shares of Opus Genetics (NASDAQ:IRD) in a report issued on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $7.00 price target on the stock.

IRD has been the subject of a number of other reports. B. Riley started coverage on shares of Opus Genetics in a research note on Wednesday, December 10th. They issued a “buy” rating and a $9.00 target price for the company. Brookline Capital Management upgraded Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Piper Sandler assumed coverage on Opus Genetics in a research report on Tuesday, November 25th. They set an “overweight” rating and a $7.00 price target for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of Opus Genetics in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.75.

Opus Genetics Price Performance

Shares of IRD opened at $2.50 on Tuesday. The stock has a 50 day simple moving average of $2.09 and a 200 day simple moving average of $1.71. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $172.40 million, a PE ratio of -1.33 and a beta of 0.41.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. Opus Genetics had a negative net margin of 466.09% and a negative return on equity of 697.94%. The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $3.07 million. Sell-side analysts predict that Opus Genetics will post -1.22 EPS for the current fiscal year.

Insider Activity

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. This trade represents a 42.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cam Gallagher acquired 83,000 shares of the firm’s stock in a transaction on Monday, December 29th. The shares were bought at an average cost 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 in the company, valued at approximately $163,510. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently modified their holdings of the business. Comerica Bank bought a new position in Opus Genetics during the first quarter valued at $29,000. Royal Bank of Canada bought a new stake in Opus Genetics in the 1st quarter valued at about $299,000. BIOS Capital Management LP lifted its holdings in Opus Genetics by 270.1% during the second quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after purchasing an additional 2,688,180 shares during the last quarter. Voss Capital LP boosted its position in Opus Genetics by 260.8% during the second quarter. Voss Capital LP now owns 541,159 shares of the company’s stock worth $510,000 after purchasing an additional 391,159 shares during the period. Finally, Nantahala Capital Management LLC increased its stake in shares of Opus Genetics by 6.0% in the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after purchasing an additional 188,028 shares in the last quarter. 14.97% of the stock is owned by institutional investors.

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.