Opus Genetics (NASDAQ:IRD) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a sell rating in a report published on Saturday.

IRD has been the topic of a number of other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research note on Wednesday, October 8th. Wedbush assumed coverage on shares of Opus Genetics in a research report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price target for the company. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Opus Genetics in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.80.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD traded up $0.03 on Friday, reaching $1.88. The company’s stock had a trading volume of 382,673 shares, compared to its average volume of 513,375. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.37. The stock has a market capitalization of $122.21 million, a P/E ratio of -0.98 and a beta of 0.16. The stock’s 50-day moving average is $1.83 and its two-hundred day moving average is $1.33. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.90 and a quick ratio of 1.90.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. The firm had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $3.07 million. Opus Genetics had a negative return on equity of 384.33% and a negative net margin of 377.89%. As a group, sell-side analysts forecast that Opus Genetics will post -1.22 EPS for the current year.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds have recently made changes to their positions in IRD. Nantahala Capital Management LLC purchased a new position in Opus Genetics during the first quarter worth about $3,100,000. BIOS Capital Management LP lifted its holdings in shares of Opus Genetics by 270.1% during the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock worth $3,462,000 after acquiring an additional 2,688,180 shares during the period. Mink Brook Asset Management LLC acquired a new stake in shares of Opus Genetics in the first quarter worth approximately $795,000. AWM Investment Company Inc. purchased a new stake in Opus Genetics in the first quarter valued at approximately $515,000. Finally, Voss Capital LP increased its position in Opus Genetics by 260.8% during the second quarter. Voss Capital LP now owns 541,159 shares of the company’s stock worth $510,000 after purchasing an additional 391,159 shares during the last quarter. 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.