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

Opus Genetics, Inc. (NASDAQ:IRD) has earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $10.8333.

A number of brokerages have recently issued reports on IRD. Citigroup began coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating for the company. Chardan Capital upped their price objective on Opus Genetics from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. BTIG Research reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Tuesday, June 16th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a research note on Thursday, April 30th.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 9,511 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total value of $49,647.42. Following the transaction, the chief executive officer owned 1,741,344 shares of the company’s stock, valued at approximately $9,089,815.68. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ashwath Jayagopal sold 7,542 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the completion of the transaction, the insider directly owned 509,233 shares in the company, valued at $2,642,919.27. This trade represents a 1.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Hedge funds have recently modified their holdings of the stock. Mink Brook Asset Management LLC lifted its holdings in shares of Opus Genetics by 47.8% in the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after buying an additional 387,536 shares in the last quarter. Royal Bank of Canada bought a new stake in shares of Opus Genetics in the first quarter worth about $299,000. Creative Planning bought a new stake in shares of Opus Genetics in the third quarter worth about $212,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Opus Genetics in the fourth quarter worth about $177,000. Finally, Blair William & Co. IL increased its holdings in shares of Opus Genetics by 12.3% in the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock worth $55,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Opus Genetics Stock Up 0.2%

NASDAQ IRD opened at $4.08 on Tuesday. The stock’s 50-day moving average price is $4.68 and its 200-day moving average price is $3.74. The company has a market capitalization of $336.89 million, a P/E ratio of -3.07 and a beta of 0.56. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The firm had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. Research analysts anticipate that Opus Genetics will post -1.06 EPS for the current year.

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.