Opus Genetics (NASDAQ:IRD) Downgraded to “Strong Sell” Rating by Zacks Research

Opus Genetics (NASDAQ:IRD) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on IRD. Guggenheim began coverage on shares of Opus Genetics in a research note on Thursday, June 4th. They issued a “buy” rating and a $16.00 target price on the stock. BTIG Research reiterated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Monday, July 6th. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Leerink Partners assumed coverage on Opus Genetics in a report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price for the company. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and an average target price of $10.77.

Opus Genetics Stock Down 6.6%

Shares of IRD opened at $3.56 on Monday. Opus Genetics has a 52-week low of $1.04 and a 52-week high of $5.81. The stock has a market cap of $293.93 million, a PE ratio of -2.68 and a beta of 0.55. The firm’s fifty day moving average is $4.25 and its two-hundred day moving average is $3.95.

Opus Genetics (NASDAQ:IRD) last issued its 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). The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. As a group, research analysts anticipate that Opus Genetics will post -1.08 earnings per share for the current year.

Insider Activity

In other news, President Benjamin R. Yerxa sold 7,470 shares of Opus Genetics stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total transaction of $39,142.80. Following the sale, the president owned 711,535 shares of the company’s stock, valued at approximately $3,728,443.40. The trade was a 1.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 7,842 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the completion of the transaction, the chief financial officer owned 592,158 shares of the company’s stock, valued at $3,067,378.44. The trade was a 1.31% 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. In the last quarter, insiders have sold 1,738,703 shares of company stock worth $7,596,606. 11.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Opus Genetics

Several large investors have recently modified their holdings of IRD. Nantahala Capital Management LLC increased its position in shares of Opus Genetics by 42.9% during the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock worth $9,610,000 after purchasing an additional 1,435,407 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Opus Genetics in the 4th quarter valued at about $5,463,000. Millennium Management LLC acquired a new position in Opus Genetics in the fourth quarter valued at about $4,025,000. ADAR1 Capital Management LLC lifted its position in Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after buying an additional 1,809,004 shares during the last quarter. Finally, Mink Brook Asset Management LLC boosted its stake 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 worth $3,348,000 after buying an additional 427,684 shares during the period. Institutional investors and hedge funds own 14.97% of the company’s stock.

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.