Short Interest in Opus Genetics, Inc. (NASDAQ:IRD) Drops By 30.7%

Opus Genetics, Inc. (NASDAQ:IRD) was the target of a large decline in short interest in January. As of January 30th, there was short interest totaling 664,201 shares, a decline of 30.7% from the January 15th total of 957,806 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average trading volume of 924,259 shares, the days-to-cover ratio is currently 0.7 days. Based on an average trading volume of 924,259 shares, the days-to-cover ratio is currently 0.7 days. Currently, 1.0% of the company’s stock are short sold.

Insider Activity at Opus Genetics

In other Opus Genetics news, Director Cam Gallagher purchased 83,000 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The stock was bought at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the purchase, the director directly owned 83,000 shares in the company, valued at $163,510. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fighting Blindness Foundation sold 4,000,000 shares of Opus Genetics stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $2.15, for a total transaction of $8,600,000.00. Following the transaction, the director directly owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. This trade represents a 42.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

A number of large investors have recently made changes to their positions in the company. Johnson Investment Counsel Inc. purchased a new stake in shares of Opus Genetics during the 4th quarter valued at about $40,000. Raymond James Financial Inc. grew its position in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after buying an additional 11,000 shares during the period. Comerica Bank purchased a new stake in Opus Genetics during the first quarter valued at approximately $29,000. Regency Capital Management Inc. DE bought a new position in Opus Genetics in the fourth quarter worth approximately $92,000. Finally, Texas Capital Bank Wealth Management Services Inc bought a new position in Opus Genetics in the fourth quarter worth approximately $157,000. 14.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on IRD. Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. BTIG Research reiterated a “buy” rating and set a $7.00 price target on shares of Opus Genetics in a report on Wednesday, January 28th. Chardan Capital reissued a “buy” rating and set a $9.00 price target on shares of Opus Genetics in a research report on Thursday, November 13th. Lifesci Capital raised Opus Genetics to a “strong-buy” rating in a research report on Thursday. Finally, B. Riley Financial started coverage on Opus Genetics in a research note on Wednesday, December 10th. They set a “buy” rating and a $9.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Opus Genetics currently has an average rating of “Buy” and an average price target of $7.75.

Opus Genetics Stock Performance

Shares of NASDAQ IRD traded up $0.25 during midday trading on Monday, hitting $3.64. 797,531 shares of the stock traded hands, compared to its average volume of 1,119,162. The firm has a market capitalization of $251.01 million, a P/E ratio of -1.94 and a beta of 0.58. Opus Genetics has a one year low of $0.65 and a one year high of $3.70. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a 50-day moving average of $2.36 and a two-hundred day moving average of $1.91.

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.