Opus Genetics, Inc. (NASDAQ:IRD) Receives $10.18 Consensus PT from Analysts

Opus Genetics, Inc. (NASDAQ:IRD) has earned an average rating of “Moderate Buy” from the fifteen analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $10.1818.

A number of analysts have recently commented on IRD shares. Citizens Jmp dropped their price target on Opus Genetics from $12.00 to $11.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 13th. Wedbush boosted their price target on Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, March 12th. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Cantor Fitzgerald initiated coverage on Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 price target for the company. Finally, Craig Hallum set a $9.00 price target on Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday, March 11th.

Insider Buying and Selling

In other Opus Genetics news, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the completion of the sale, the chief financial officer directly owned 592,158 shares in the company, valued at $3,067,378.44. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total value of $39,142.80. Following the completion of the transaction, the president directly owned 711,535 shares in the company, valued at approximately $3,728,443.40. This trade represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,773,395 shares of company stock worth $7,777,278 over the last quarter. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds have recently bought and sold shares of IRD. Occudo Quantitative Strategies LP purchased a new stake in Opus Genetics during the 4th quarter worth about $25,000. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter worth about $29,000. Virtu Financial LLC purchased a new stake in Opus Genetics during the 4th quarter worth about $34,000. Raymond James Financial Inc. increased its holdings in Opus Genetics by 95.6% during the 3rd 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 period. Finally, Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Stock Performance

Shares of NASDAQ IRD opened at $3.99 on Friday. The company has a market cap of $324.79 million, a PE ratio of -3.00 and a beta of 0.56. The business has a 50-day simple moving average of $4.86 and a two-hundred day simple moving average of $3.52. Opus Genetics has a fifty-two week low of $0.90 and a fifty-two week high of $5.81.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The firm had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. On average, sell-side analysts predict that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

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.