Opus Genetics (NASDAQ:IRD) Receives “Buy” Rating from BTIG Research

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by BTIG Research in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $12.00 target price on the stock. BTIG Research’s price target would suggest a potential upside of 176.18% from the stock’s previous close.

A number of other analysts have also weighed in on the company. Oppenheimer started coverage on Opus Genetics in a research note on Monday, March 16th. They set an “outperform” rating and a $10.00 price objective for the company. Guggenheim began coverage on Opus Genetics in a research report on Thursday, June 4th. They issued a “buy” rating and a $16.00 price target on the stock. Royal Bank Of Canada assumed coverage on shares of Opus Genetics in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 target price on the stock. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Finally, Chardan Capital upped their price target on shares of Opus Genetics from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.77.

Opus Genetics Trading Up 2.7%

Shares of Opus Genetics stock traded up $0.12 on Monday, reaching $4.34. The stock had a trading volume of 416,654 shares, compared to its average volume of 947,862. Opus Genetics has a 1 year low of $0.98 and a 1 year high of $5.81. The company has a market cap of $358.77 million, a P/E ratio of -3.26 and a beta of 0.55. The business’s 50 day moving average is $4.41 and its two-hundred day moving average is $3.85.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The company had revenue of $2.16 million during the quarter, compared to the consensus estimate 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 analysts anticipate that Opus Genetics will post -1.08 EPS for the current fiscal year.

Insider Activity

In other news, CFO Robert E. Gagnon sold 7,842 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total transaction of $40,621.56. Following the transaction, the chief financial officer owned 592,158 shares in the company, valued at $3,067,378.44. This trade represents a 1.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,511 shares of the business’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.22, for a total transaction of $49,647.42. Following the transaction, the chief executive officer owned 1,741,344 shares in the company, valued at $9,089,815.68. The trade was a 0.54% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Opus Genetics

Institutional investors and hedge funds have recently modified their holdings of the company. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter worth about $29,000. Royal Bank of Canada purchased a new position in shares of Opus Genetics during the 1st quarter worth approximately $299,000. Nantahala Capital Management LLC boosted its holdings in Opus Genetics by 6.0% during the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after buying an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC boosted its position in Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after purchasing an additional 387,536 shares in the last quarter. Finally, Opaleye Management Inc. increased its stake in shares of 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 purchasing an additional 45,000 shares in the last quarter. Hedge funds and other institutional investors own 14.97% of the company’s stock.

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.