Opus Genetics (NASDAQ:IRD) Upgraded to Moderate Buy at Royal Bank Of Canada

Opus Genetics (NASDAQ:IRD) was upgraded by analysts at Royal Bank Of Canada to a “moderate buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also weighed in on IRD. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, June 17th. Craig Hallum set a $9.00 price objective on shares of Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Guggenheim initiated coverage on shares of Opus Genetics in a report on Thursday, June 4th. They set a “buy” rating and a $16.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of Opus Genetics in a research report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and a consensus target price of $10.77.

Opus Genetics Price Performance

NASDAQ:IRD opened at $4.08 on Tuesday. Opus Genetics has a fifty-two week low of $0.90 and a fifty-two week high of $5.81. The stock has a market capitalization of $336.89 million, a PE ratio of -3.07 and a beta of 0.56. The business’s 50-day simple moving average is $4.66 and its 200-day simple moving average is $3.76.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. On average, research analysts expect that Opus Genetics will post -1.06 earnings per share for the current year.

Insider Activity at Opus Genetics

In related news, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the sale, the insider owned 509,233 shares in the company, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total value of $39,142.80. Following the transaction, the president directly owned 711,535 shares of the company’s stock, valued at $3,728,443.40. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 1,738,703 shares of company stock worth $7,596,606. Corporate insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Comerica Bank bought a new stake in shares of Opus Genetics during the 1st quarter worth approximately $29,000. Royal Bank of Canada bought a new position in shares of Opus Genetics in the first quarter valued at $299,000. Nantahala Capital Management LLC grew its stake in shares of Opus Genetics by 6.0% in the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock valued at $3,152,000 after buying an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC increased its holdings 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 buying an additional 387,536 shares during the last quarter. Finally, Opaleye Management Inc. raised its position in Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock worth $1,149,000 after acquiring an additional 45,000 shares in the last quarter. Institutional investors and hedge funds 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.