Opus Genetics (NASDAQ:IRD) Sets New 12-Month High – What’s Next?

Opus Genetics, Inc. (NASDAQ:IRD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $6.55 and last traded at $6.8370, with a volume of 10921380 shares changing hands. The stock had previously closed at $4.34.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Leerink Partners initiated coverage on Opus Genetics in a report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. BTIG Research restated a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a report on Monday, July 6th. Chardan Capital reissued a “buy” rating and issued a $13.00 price target on shares of Opus Genetics in a research report on Wednesday. Finally, Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Opus Genetics has a consensus rating of “Moderate Buy” and an average price target of $10.69.

Opus Genetics Stock Performance

The firm has a market capitalization of $493.83 million, a price-to-earnings ratio of -4.44 and a beta of 0.58. The firm’s 50-day moving average price is $3.79 and its two-hundred day moving average price is $4.29.

Opus Genetics (NASDAQ:IRD) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate 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 return on equity of 338.88% and a negative net margin of 1,091.82%. As a group, equities research analysts anticipate that Opus Genetics, Inc. will post -0.99 EPS for the current year.

Insider Buying and Selling

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. This 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 this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer directly owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. This represents a 4.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 57,331 shares of company stock valued at $213,749 in the last quarter. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of IRD. Occudo Quantitative Strategies LP bought a new position in Opus Genetics in the fourth quarter valued at approximately $25,000. Comerica Bank bought a new position in Opus Genetics in the first quarter valued at approximately $29,000. Virtu Financial LLC bought a new position in Opus Genetics during the 4th quarter worth about $34,000. Raymond James Financial Inc. grew its holdings in shares of 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 buying an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics in the fourth quarter valued at approximately $40,000. Institutional investors 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.