Opus Genetics (NASDAQ:IRD) Price Target Raised to $20.00

Opus Genetics (NASDAQ:IRD) had its target price lifted by Oppenheimer from $10.00 to $20.00 in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada lowered their price target on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research note on Wednesday. Guggenheim began coverage on Opus Genetics in a report on Thursday, June 4th. They issued a “buy” rating and a $16.00 price objective on the stock. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price objective on the stock. Finally, BTIG Research reiterated a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.92.

Opus Genetics Stock Down 0.5%

Shares of IRD opened at $6.04 on Wednesday. The firm has a market cap of $499.21 million, a PE ratio of -4.47 and a beta of 0.58. The company’s fifty day moving average is $3.89 and its two-hundred day moving average is $4.34. Opus Genetics has a fifty-two week low of $1.35 and a fifty-two week high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. As a group, equities research analysts anticipate that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of the stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This trade represents 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 link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 28,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, the chief financial officer owned 556,375 shares in the company, valued at approximately $2,525,942.50. The trade was a 4.79% 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. In the last quarter, insiders sold 57,331 shares of company stock valued at $213,749. Insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Opaleye Management Inc. boosted its stake in shares of Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after purchasing an additional 5,000 shares during the period. Engineers Gate Manager LP purchased a new stake in Opus Genetics during the 2nd quarter worth $50,000. Squarepoint Ops LLC acquired a new position in Opus Genetics in the 2nd quarter worth $1,360,000. Nantahala Capital Management LLC acquired a new position in Opus Genetics in the 2nd quarter worth $12,582,185. Finally, Empowered Funds LLC acquired a new position in Opus Genetics in the 2nd quarter worth $173,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Opus Genetics

Here are the key news stories impacting Opus Genetics this week:

• Positive Sentiment: Oppenheimer said Opus Genetics’ stock price is expected to rise, adding another favorable analyst view. Oppenheimer Analyst Says Opus Genetics Stock Price Expected to Rise
• Positive Sentiment: HC Wainwright assigned Opus Genetics a “buy” rating, reinforcing the positive outlook from Wall Street analysts. Opus Genetics Earns Buy Rating from HC Wainwright
• Positive Sentiment: BTIG Research also initiated or reiterated a “buy” rating, potentially improving sentiment toward the biotechnology company. Opus Genetics Earns Buy Rating from BTIG Research
• Positive Sentiment: Unusually heavy options activity included substantial call-option purchases. This can signal bullish positioning, although options flows are speculative and may increase volatility. Traders Purchase High Volume of Call Options on Opus Genetics
• Neutral Sentiment: Reports described analyst opinions as mixed, indicating that bullish price targets are not necessarily shared across the entire analyst community. Analysts’ Opinions Are Mixed on Opus Genetics
• Neutral Sentiment: The reported September short-interest data showed zero shares short, but the figures appear inconsistent and provide little actionable information about investor positioning.

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.