Royal Bank Of Canada Upgrades Opus Genetics (NASDAQ:IRD) to “Moderate Buy”

Opus Genetics (NASDAQ:IRD) was upgraded by analysts at Royal Bank Of Canada to a “moderate buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research report on Tuesday, June 16th. Citizens Jmp reiterated a “market outperform” rating and set a $11.00 target price on shares of Opus Genetics in a research report on Monday, June 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Tuesday, April 21st. Cantor Fitzgerald started coverage on shares of Opus Genetics in a report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price target for the company. Finally, B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and an average target price of $10.77.

Opus Genetics Stock Performance

Shares of IRD stock opened at $4.08 on Tuesday. The stock’s fifty day moving average is $4.66 and its 200-day moving average is $3.76. The stock has a market capitalization of $336.89 million, a PE ratio of -3.07 and a beta of 0.56. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share (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 the consensus estimate 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, analysts forecast that Opus Genetics will post -1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics stock in a transaction on Monday, May 18th. The stock was sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the sale, the director directly owned 3,792,171 shares of the company’s stock, valued at $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO George Magrath sold 9,511 shares of the stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total value of $49,647.42. Following the completion of the transaction, the chief executive officer directly owned 1,741,344 shares in the company, valued at $9,089,815.68. The trade was a 0.54% decrease in their position. 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 sold 1,738,703 shares of company stock worth $7,596,606 over the last three months. Insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. acquired a new stake in Opus Genetics in the fourth quarter worth $5,463,000. Millennium Management LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at $4,025,000. ADAR1 Capital Management LLC grew its holdings in shares of Opus Genetics by 4,522.5% in the 1st 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 period. Nantahala Capital Management LLC increased its position in shares of Opus Genetics by 42.9% in the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after buying an additional 1,435,407 shares in the last quarter. Finally, Mink Brook Asset Management LLC increased its position in shares of Opus Genetics by 34.5% in the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after buying an additional 427,684 shares in the last quarter. 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.