Opus Genetics (NASDAQ:IRD) Raised to “Sell” at Wall Street Zen

Opus Genetics (NASDAQ:IRD) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the company. Guggenheim began coverage on Opus Genetics in a research note on Thursday, June 4th. They set a “buy” rating and a $16.00 target price for the company. Royal Bank Of Canada dropped their price target 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. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Citigroup started coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They set an “outperform” rating for the company. Finally, Chardan Capital restated a “buy” rating and set a $13.00 target price on shares of Opus Genetics in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Opus Genetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.69.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $3.66 on Friday. The stock has a market cap of $302.21 million, a price-to-earnings ratio of -2.71 and a beta of 0.59. Opus Genetics has a 12 month low of $1.04 and a 12 month high of $5.81. The stock’s 50 day moving average price is $3.81 and its 200 day moving average price is $4.12.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts expect that Opus Genetics will post -1.09 EPS for the current year.

Insider Buying and Selling at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the stock in a transaction on Thursday, July 23rd. The stock was 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 owned 1,731,869 shares in the company, valued at $5,109,013.55. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics 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 completion of the transaction, the director directly owned 3,792,171 shares in the company, valued at $16,495,943.85. This represents a 30.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,729,331 shares of company stock valued at $7,481,629. 11.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IRD. Nantahala Capital Management LLC raised its holdings in shares of Opus Genetics by 42.9% during the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after acquiring an additional 1,435,407 shares during the period. BlackRock Inc. acquired a new position in Opus Genetics in the 2nd quarter worth approximately $12,809,000. Balyasny Asset Management L.P. acquired a new position in Opus Genetics in the 4th quarter worth approximately $5,463,000. Millennium Management LLC purchased a new position in Opus Genetics during the 4th quarter worth approximately $4,025,000. Finally, ADAR1 Capital Management LLC raised its stake in Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after purchasing an additional 1,809,004 shares during the period. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.