HC Wainwright Reaffirms Buy Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reissued by HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They presently have a $8.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 105.13% from the stock’s current price.

Other equities analysts have also issued research reports about the company. BTIG Research reaffirmed a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research note on Tuesday, April 21st. Oppenheimer started coverage on Opus Genetics in a research note on Monday, March 16th. They set an “outperform” rating and a $10.00 price target on the stock. Wedbush upped their price target on Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, March 12th. Finally, Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Opus Genetics currently has an average rating of “Moderate Buy” and a consensus target price of $10.67.

Opus Genetics Stock Performance

Opus Genetics stock opened at $3.90 on Wednesday. The firm has a market cap of $322.01 million, a P/E ratio of -2.93 and a beta of 0.56. The business’s fifty day moving average is $4.76 and its two-hundred day moving average is $3.69. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. On average, equities research analysts predict that Opus Genetics will post -1.06 earnings per share for the current year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, Director Fighting Blindness Foundation sold 1,700,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $4.35, for a total value of $7,395,000.00. Following the transaction, the director owned 3,792,171 shares of the company’s stock, valued at approximately $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the transaction, the insider directly owned 509,233 shares in the company, valued at $2,642,919.27. The trade was a 1.46% 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. In the last ninety days, insiders have sold 1,738,703 shares of company stock valued at $7,596,606. Corporate insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Large investors have recently modified their holdings of the business. Comerica Bank acquired a new stake in shares of Opus Genetics during the first quarter worth about $29,000. Royal Bank of Canada bought a new stake in Opus Genetics during the 1st quarter worth approximately $299,000. Nantahala Capital Management LLC increased its stake in Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after purchasing an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC raised its holdings in Opus Genetics by 47.8% during the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after buying an additional 387,536 shares during the period. Finally, Opaleye Management Inc. raised its holdings in Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock worth $1,149,000 after buying an additional 45,000 shares during the period. 14.97% of the stock is currently owned by 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.