Opus Genetics (NASDAQ:IRD) Upgraded by Lifesci Capital to “Strong-Buy” Rating

Lifesci Capital upgraded shares of Opus Genetics (NASDAQ:IRD) to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

IRD has been the topic of a number of other reports. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. BTIG Research restated a “buy” rating and issued a $7.00 target price on shares of Opus Genetics in a report on Wednesday, January 28th. Piper Sandler assumed coverage on Opus Genetics in a research report on Tuesday, November 25th. They set an “overweight” rating and a $7.00 target price on the stock. Brookline Capital Acquisition upgraded Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Finally, Wedbush assumed coverage on Opus Genetics in a report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $7.75.

Opus Genetics Stock Up 3.0%

IRD opened at $3.39 on Thursday. 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 company has a market capitalization of $233.77 million, a PE ratio of -1.80 and a beta of 0.58. The stock’s fifty day moving average is $2.33 and its 200-day moving average is $1.88. Opus Genetics has a one year low of $0.65 and a one year high of $3.57.

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

Insider Activity

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

Hedge Funds Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently modified their holdings of IRD. Raymond James Financial Inc. raised its holdings in shares of Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares in the last quarter. Voss Capital LP raised its position in Opus Genetics by 3.9% during the third quarter. Voss Capital LP now owns 562,377 shares of the company’s stock valued at $928,000 after acquiring an additional 21,218 shares in the last quarter. Comerica Bank acquired a new stake in Opus Genetics in the first quarter valued at approximately $29,000. Geode Capital Management LLC grew its position in Opus Genetics by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 504,983 shares of the company’s stock worth $1,016,000 after acquiring an additional 36,046 shares in the last quarter. Finally, Mink Brook Asset Management LLC increased its stake in shares of Opus Genetics by 3.4% during the 3rd quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock worth $2,043,000 after purchasing an additional 40,331 shares during the last quarter. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

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.