Opus Genetics (NASDAQ:IRD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Opus Genetics (NASDAQ:IRD) from a sell rating to a hold rating in a report released on Sunday morning.

A number of other research analysts also recently issued reports on the company. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. TD Cowen began coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating for the company. Royal Bank Of Canada cut their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Leerink Partners began coverage on shares of Opus Genetics in a research report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price for the company. Finally, Chardan Capital restated a “buy” rating and set a $13.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.69.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD opened at $3.69 on Friday. The company has a 50 day moving average price of $3.74 and a two-hundred day moving average price of $4.18. The company has a market capitalization of $304.98 million, a PE ratio of -2.73 and a beta of 0.59. 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) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts forecast that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the firm’s stock in a transaction on Thursday, July 23rd. The shares were 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 directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a 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. Insiders have sold 29,331 shares of company stock valued at $86,629 over the last three months. 11.70% of the stock is currently owned by company insiders.

Institutional Trading of Opus Genetics

A number of large investors have recently added to or reduced their stakes in IRD. Blair William & Co. IL raised its holdings in shares of Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Inc. grew its holdings in 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 period. Occudo Quantitative Strategies LP bought a new position in Opus Genetics during the fourth quarter worth about $25,000. Stoneridge Investment Partners LLC acquired a new position in Opus Genetics during the second quarter worth approximately $47,000. Finally, State of Wyoming acquired a new position in Opus Genetics during the second quarter worth approximately $65,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Company Profile

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.