Opus Genetics (NASDAQ:IRD) Earns Outperform Rating from Analysts at Oppenheimer

Stock analysts at Oppenheimer assumed coverage on shares of Opus Genetics (NASDAQ:IRD) in a research report issued to clients and investors on Monday. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Oppenheimer’s price objective would indicate a potential upside of 98.81% from the company’s previous close.

IRD has been the subject of a number of other reports. Wedbush upped their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday. BTIG Research boosted their target price on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Lifesci Capital upgraded shares of Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. B. Riley Financial started coverage on Opus Genetics in a research note on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price target for the company. Finally, Craig Hallum set a $9.00 price objective on Opus Genetics and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $9.33.

Opus Genetics Trading Up 3.9%

IRD stock opened at $5.03 on Monday. The firm has a 50-day moving average price of $3.19 and a 200-day moving average price of $2.34. Opus Genetics has a 12 month low of $0.65 and a 12 month high of $5.30. The stock has a market capitalization of $357.88 million, a P/E ratio of -6.13 and a beta of 0.44.

Insider Buying and Selling

In other Opus Genetics news, Director Cam Gallagher bought 83,000 shares of Opus Genetics stock in a transaction on Monday, December 29th. The shares were purchased at an average cost of $1.97 per share, with a total value of $163,510.00. Following the acquisition, the director directly owned 83,000 shares of the company’s stock, valued at $163,510. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new stake in shares of Opus Genetics in the fourth quarter worth $34,000. Occudo Quantitative Strategies LP bought a new position in Opus Genetics during the 4th quarter worth $25,000. Opaleye Management Inc. lifted its holdings in Opus Genetics by 1.8% during the 4th quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock worth $2,251,000 after buying an additional 20,000 shares during the period. Millennium Management LLC bought a new stake in shares of Opus Genetics in the 4th quarter valued at about $4,025,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Opus Genetics in the 4th quarter valued at about $5,463,000. 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.