Opus Genetics, Inc. (NASDAQ:IRD) Given Average Recommendation of “Moderate Buy” by Analysts

Opus Genetics, Inc. (NASDAQ:IRD) has earned an average recommendation of “Moderate Buy” from the eighteen research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, fifteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $10.6923.

Several brokerages have weighed in on IRD. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Guggenheim started 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 reaffirmed a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research report on Monday, July 6th. Citizens Jmp reiterated a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research note on Monday, June 15th. Finally, B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th.

Opus Genetics Stock Up 1.1%

Shares of IRD opened at $3.69 on Wednesday. The firm has a market cap of $304.98 million, a price-to-earnings ratio of -2.73 and a beta of 0.59. The business’s 50 day moving average is $3.74 and its two-hundred day moving average is $4.18. Opus Genetics has a 52-week low of $1.10 and a 52-week high of $5.81.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. On average, equities analysts expect that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction that occurred on 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 transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 29,331 shares of company stock worth $86,629. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Institutional investors and hedge funds have recently made changes to their positions in the company. ADAR1 Capital Management LLC increased its stake in Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after purchasing an additional 1,809,004 shares during the last quarter. Regency Capital Management Inc. DE raised its holdings in shares of Opus Genetics by 47.8% during the first quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company’s stock worth $309,000 after purchasing an additional 22,000 shares during the period. Texas Capital Bank Wealth Management Services Inc bought a new position in shares of Opus Genetics in the 4th quarter worth about $157,000. Seven Fleet Capital Management LP bought a new position in shares of Opus Genetics in the 2nd quarter worth about $588,293,000. Finally, Palogic Value Management L.P. acquired a new position in shares of Opus Genetics in the 2nd quarter valued at about $268,000. 14.97% of the stock is owned by institutional investors and hedge funds.

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.