Opus Genetics (NASDAQ:IRD) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a strong sell rating in a research report report published on Monday,Zacks.com reports.

A number of other research firms have also weighed in on IRD. Cantor Fitzgerald began coverage on shares of Opus Genetics in a research note on Monday, March 30th. They set an “overweight” rating and a $15.00 target price on the stock. Wall Street Zen downgraded Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Chardan Capital reaffirmed a “buy” rating and set a $13.00 price objective on shares of Opus Genetics in a research report on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Finally, BTIG Research reissued a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.77.

Opus Genetics Stock Down 6.6%

Shares of IRD stock opened at $3.56 on Monday. Opus Genetics has a 52 week low of $1.04 and a 52 week high of $5.81. The stock has a market capitalization of $293.93 million, a PE ratio of -2.68 and a beta of 0.55. The firm has a 50 day moving average of $4.25 and a two-hundred day moving average of $3.95.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The company had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. Analysts expect that Opus Genetics will post -1.08 EPS for the current fiscal year.

Insider Transactions at Opus Genetics

In related news, insider Ashwath Jayagopal sold 7,542 shares of Opus Genetics stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total transaction of $39,142.98. Following the sale, the insider directly owned 509,233 shares in the company, valued at $2,642,919.27. This trade represents a 1.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 on Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total transaction of $49,647.42. Following the completion of the sale, the chief executive officer directly owned 1,741,344 shares of the company’s stock, valued at approximately $9,089,815.68. This trade represents 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 sold 1,738,703 shares of company stock worth $7,596,606. Insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IRD. Occudo Quantitative Strategies LP purchased a new stake in Opus Genetics in the fourth quarter valued at approximately $25,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at $34,000. Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics in the 4th quarter valued at $40,000. Raymond James Financial Inc. raised its position in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock worth $55,000 after purchasing an additional 3,000 shares during the period. Hedge funds and other institutional investors 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.