Brokerages Set Opus Genetics, Inc. (NASDAQ:IRD) Target Price at $7.75

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have received an average rating of “Buy” from the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $7.75.

A number of analysts recently weighed in on the stock. Piper Sandler assumed coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They set an “overweight” rating and a $7.00 target price on the stock. Wall Street Zen downgraded shares of Opus Genetics from a “hold” rating to a “sell” rating in a research report on Saturday. B. Riley Financial began coverage on shares of Opus Genetics in a report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price objective on the stock. Wedbush began coverage on shares of Opus Genetics in a research note on Wednesday, October 29th. They set an “outperform” rating and a $8.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, January 22nd.

Opus Genetics Price Performance

Shares of NASDAQ IRD opened at $3.64 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $251.01 million, a price-to-earnings ratio of -1.94 and a beta of 0.58. The stock’s 50-day moving average is $2.54 and its two-hundred day moving average is $2.03. Opus Genetics has a 1-year low of $0.65 and a 1-year high of $3.96.

Insider Activity

In other news, Director Fighting Blindness Foundation sold 4,000,000 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $2.15, for a total value of $8,600,000.00. Following the transaction, the director owned 5,492,171 shares in the company, valued at approximately $11,808,167.65. This represents a 42.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Cam Gallagher bought 83,000 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were acquired at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the transaction, the director directly owned 83,000 shares in the company, valued at approximately $163,510. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 6.60% of the company’s stock.

Institutional Trading of Opus Genetics

Several institutional investors have recently modified their holdings of the stock. Occudo Quantitative Strategies LP acquired a new position in shares of Opus Genetics in the 4th quarter valued at $25,000. Comerica Bank acquired a new position in Opus Genetics in the first quarter valued at $29,000. Virtu Financial LLC purchased a new position in shares of Opus Genetics during the fourth quarter worth about $34,000. Raymond James Financial Inc. grew its holdings in shares of Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in shares of Opus Genetics in the 4th quarter valued at about $40,000. Hedge funds and other institutional investors 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.