BTIG Research Reaffirms “Buy” Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $12.00 price objective on the stock. BTIG Research’s price target suggests a potential upside of 207.69% from the company’s current price.

A number of other equities analysts have also commented on IRD. Cantor Fitzgerald began coverage on shares of Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 price target on the stock. Wall Street Zen lowered shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the company a “buy” rating in a report on Wednesday, March 11th. Chardan Capital raised their target price on shares of Opus Genetics from $9.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.67.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $3.90 on Tuesday. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81. The firm has a market cap of $322.01 million, a price-to-earnings ratio of -2.93 and a beta of 0.56. The firm’s 50-day simple moving average is $4.76 and its 200 day simple moving average is $3.69.

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

Insider Activity at Opus Genetics

In related news, CFO Robert E. Gagnon sold 7,842 shares of Opus Genetics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.18, for a total transaction of $40,621.56. Following the sale, the chief financial officer directly owned 592,158 shares of the company’s stock, valued at approximately $3,067,378.44. The trade was a 1.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through 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 Opus Genetics stock in a transaction that occurred on Thursday, April 23rd. The shares were 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,738,703 shares of company stock worth $7,596,606 in the last ninety days. Insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in IRD. Occudo Quantitative Strategies LP bought a new stake in shares of Opus Genetics during the 4th quarter valued at approximately $25,000. Comerica Bank bought a new stake in shares of Opus Genetics during the 1st quarter valued at approximately $29,000. Virtu Financial LLC bought a new stake in shares of Opus Genetics during the 4th quarter valued at approximately $34,000. Raymond James Financial Inc. grew its holdings in shares of Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Opus Genetics during the 4th quarter valued at approximately $40,000. 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.