Opus Genetics, Inc. (NASDAQ:IRD) Given Consensus Recommendation of “Moderate Buy” by Analysts

Opus Genetics, Inc. (NASDAQ:IRD) has received an average recommendation of “Moderate Buy” from the sixteen brokerages that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $10.6667.

IRD has been the topic of a number of recent analyst reports. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Leerink Partners initiated coverage on shares of Opus Genetics in a report on Thursday, May 21st. They set an “outperform” rating and a $10.00 price target on the stock. Wedbush increased their price target on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, March 12th. Finally, Cantor Fitzgerald initiated coverage on shares of Opus Genetics in a report on Monday, March 30th. They set an “overweight” rating and a $15.00 price target on the stock.

Opus Genetics Price Performance

NASDAQ:IRD opened at $4.64 on Friday. The firm has a market capitalization of $377.68 million, a P/E ratio of -3.49 and a beta of 0.56. Opus Genetics has a 1-year low of $0.90 and a 1-year high of $5.81. The company’s fifty day moving average price is $4.85 and its 200-day moving average price is $3.57.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. Equities analysts anticipate that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Activity

In related news, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction 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 sale, the insider directly owned 509,233 shares of the company’s stock, 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 filing with the SEC, which is available at this hyperlink. 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 the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.22, for a total transaction of $49,647.42. Following the sale, the chief executive officer directly owned 1,741,344 shares in the company, valued at $9,089,815.68. This trade represents a 0.54% decrease in their ownership of the stock. 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. Insiders sold a total of 1,773,395 shares of company stock valued at $7,777,278 in the last three months. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nantahala Capital Management LLC lifted its holdings in Opus Genetics by 42.9% during the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Opus Genetics during the fourth quarter valued at $5,463,000. Millennium Management LLC purchased a new position in Opus Genetics during the fourth quarter valued at $4,025,000. ADAR1 Capital Management LLC lifted its holdings in Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after purchasing an additional 1,809,004 shares in the last quarter. Finally, Mink Brook Asset Management LLC lifted its holdings in Opus Genetics by 34.5% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after purchasing an additional 427,684 shares in the last quarter. 14.97% of the stock is owned by hedge funds and other institutional investors.

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.