Opus Genetics’ (IRD) “Buy” Rating Reaffirmed at BTIG Research

BTIG Research reiterated their buy rating on shares of Opus Genetics (NASDAQ:IRD) in a report released on Monday,Benzinga reports. They currently have a $12.00 target price on the stock.

A number of other research analysts also recently issued reports on the stock. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Wedbush increased their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, March 12th. Royal Bank Of Canada began coverage on shares of Opus Genetics in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 target price on the stock. Citizens Jmp restated a “market outperform” rating and issued a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Finally, Leerink Partners started coverage on Opus Genetics in a research report on Thursday, May 21st. They set an “outperform” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.77.

Opus Genetics Stock Down 4.0%

NASDAQ:IRD opened at $3.91 on Monday. The company has a market cap of $322.68 million, a PE ratio of -2.91 and a beta of 0.55. The business’s 50 day moving average is $4.38 and its two-hundred day moving average is $3.87. Opus Genetics has a 52 week low of $1.00 and a 52 week high of $5.81.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share (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 firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. As a group, sell-side analysts expect that Opus Genetics will post -1.08 EPS for the current fiscal year.

Insider Activity

In related news, insider Ashwath Jayagopal sold 7,542 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total transaction of $39,142.98. Following the transaction, the insider owned 509,233 shares in the company, valued at $2,642,919.27. This trade represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,511 shares of Opus Genetics 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 in the company, valued at approximately $9,089,815.68. This trade represents a 0.54% decrease in their ownership of the stock. 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. Insiders have sold 1,738,703 shares of company stock worth $7,596,606 in the last 90 days. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IRD. Blair William & Co. IL grew its stake in shares of Opus Genetics by 12.3% in the 4th 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. Raymond James Financial Inc. boosted its holdings in 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 buying an additional 11,000 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics in the fourth quarter worth approximately $25,000. Virtu Financial LLC acquired a new position in Opus Genetics in the fourth quarter worth approximately $34,000. Finally, Johnson Investment Counsel Inc. bought a new position in shares of Opus Genetics in the fourth quarter valued at $40,000. 14.97% of the stock is 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.