Opus Genetics (NASDAQ:IRD) Price Target Raised to $12.00

Opus Genetics (NASDAQ:IRD) had its price objective hoisted by BTIG Research from $7.00 to $12.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s target price suggests a potential upside of 188.46% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, January 22nd. Piper Sandler initiated coverage on shares of Opus Genetics in a research report on Tuesday, November 25th. They set an “overweight” rating and a $7.00 target price for the company. Brookline Capital Acquisition upgraded Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Finally, Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.38.

Opus Genetics Stock Performance

Shares of IRD opened at $4.16 on Monday. The stock has a 50-day simple moving average of $2.65 and a 200-day simple moving average of $2.09. The stock has a market capitalization of $286.89 million, a PE ratio of -2.21 and a beta of 0.58. Opus Genetics has a 1 year low of $0.65 and a 1 year high of $4.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23.

Insiders Place Their Bets

In other Opus Genetics news, Director Fighting Blindness Foundation sold 4,000,000 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $2.15, for a total transaction of $8,600,000.00. Following the sale, the director owned 5,492,171 shares in the company, valued at $11,808,167.65. This represents a 42.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cam Gallagher purchased 83,000 shares of the firm’s stock in a transaction dated Monday, December 29th. The shares were bought at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the completion of the transaction, the director owned 83,000 shares of the company’s stock, valued at approximately $163,510. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new position in Opus Genetics in the fourth quarter worth about $34,000. Occudo Quantitative Strategies LP purchased a new position in Opus Genetics in the 4th quarter worth approximately $25,000. Opaleye Management Inc. lifted its position in Opus Genetics by 1.8% in the 4th quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock valued at $2,251,000 after acquiring an additional 20,000 shares in the last quarter. Millennium Management LLC purchased a new stake in Opus Genetics during the 4th quarter valued at $4,025,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Opus Genetics in the 4th quarter worth $5,463,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

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.