Short Interest in Opus Genetics, Inc. (NASDAQ:IRD) Grows By 17.9%

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of a significant growth in short interest in February. As of February 27th, there was short interest totaling 1,110,696 shares, a growth of 17.9% from the February 12th total of 942,054 shares. Based on an average trading volume of 888,480 shares, the days-to-cover ratio is presently 1.3 days. Approximately 1.7% of the shares of the stock are short sold. Approximately 1.7% of the shares of the stock are short sold. Based on an average trading volume of 888,480 shares, the days-to-cover ratio is presently 1.3 days.

Opus Genetics Stock Down 7.5%

IRD traded down $0.39 during trading on Tuesday, hitting $4.80. 1,271,710 shares of the company’s stock were exchanged, compared to its average volume of 1,145,500. The stock has a market cap of $341.52 million, a P/E ratio of -5.85 and a beta of 0.45. Opus Genetics has a fifty-two week low of $0.65 and a fifty-two week high of $5.30. The business’s 50 day moving average is $3.30 and its two-hundred day moving average is $2.39.

Insider Buying and Selling at Opus Genetics

In other news, Director Cam Gallagher bought 83,000 shares of the business’s stock in a transaction dated Monday, December 29th. The stock was bought at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the completion of the purchase, the director owned 83,000 shares of the company’s stock, valued at approximately $163,510. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.60% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds and other institutional investors have recently modified their holdings of IRD. Virtu Financial LLC purchased a new stake in Opus Genetics in the 4th quarter worth approximately $34,000. Occudo Quantitative Strategies LP purchased a new position in Opus Genetics in the 4th quarter worth $25,000. Opaleye Management Inc. increased its holdings in shares of Opus Genetics by 1.8% in the fourth 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 Opus Genetics in the fourth quarter valued at approximately $4,025,000. Finally, Balyasny Asset Management L.P. bought a new stake in Opus Genetics during the 4th quarter valued at $5,463,000. Institutional investors own 14.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IRD shares. Brookline Capital Acquisition upgraded Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Lifesci Capital raised shares of Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. Chardan Capital increased their target price on shares of Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. B. Riley Financial assumed coverage on shares of Opus Genetics in a report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price target for the company. Finally, Wedbush upped their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $9.33.

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.