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

Wall Street Zen cut shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a sell rating in a research note issued to investors on Saturday.

Several other research firms have also commented on IRD. 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 on the stock. Chardan Capital restated a “buy” rating and issued a $9.00 price target on shares of Opus Genetics in a research note on Thursday, November 13th. Piper Sandler initiated coverage on Opus Genetics in a research report on Tuesday, November 25th. They set an “overweight” rating and a $7.00 price objective on the stock. Brookline Capital Management upgraded Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.86.

Opus Genetics Trading Up 5.5%

Shares of IRD stock opened at $2.12 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.18. Opus Genetics has a twelve month low of $0.65 and a twelve month high of $2.59. The company’s 50-day moving average price is $2.06 and its 200-day moving average price is $1.60. The stock has a market cap of $146.20 million, a price-to-earnings ratio of -1.13 and a beta of 0.41.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.02. The firm had revenue of $3.08 million during the quarter, compared to analysts’ expectations of $3.07 million. Opus Genetics had a negative net margin of 466.09% and a negative return on equity of 697.94%. As a group, equities analysts predict that Opus Genetics will post -1.22 earnings per share for the current year.

Insider Buying and Selling at Opus Genetics

In related news, Director Cam Gallagher purchased 83,000 shares of Opus Genetics stock in a transaction that occurred on Monday, December 29th. The stock was purchased at an average cost of $1.97 per share, with a total value of $163,510.00. Following the completion of the transaction, the director directly owned 83,000 shares in the company, valued at approximately $163,510. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Fighting Blindness Foundation sold 4,000,000 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $2.15, for a total value of $8,600,000.00. Following the transaction, the director directly owned 5,492,171 shares in the company, valued at approximately $11,808,167.65. The trade was a 42.14% decrease in their position. The SEC filing for this sale provides additional information. 6.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

Large investors have recently modified their holdings of the company. Raymond James Financial Inc. increased its holdings in shares of 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 acquiring an additional 11,000 shares during the period. Comerica Bank purchased a new position in Opus Genetics during the 1st quarter worth $29,000. Two Sigma Investments LP increased its stake in Opus Genetics by 169.6% in the third quarter. Two Sigma Investments LP now owns 108,338 shares of the company’s stock valued at $179,000 after purchasing an additional 68,148 shares during the period. Citadel Advisors LLC raised its holdings in shares of Opus Genetics by 496.9% in the third quarter. Citadel Advisors LLC now owns 113,416 shares of the company’s stock valued at $187,000 after buying an additional 94,416 shares during the last quarter. Finally, Creative Planning purchased a new stake in shares of Opus Genetics in the third quarter valued at about $212,000. 14.97% of the stock is owned by institutional investors and hedge funds.

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.