Opus Genetics (NASDAQ:IRD) Upgraded by Wall Street Zen to Sell Rating

Wall Street Zen upgraded shares of Opus Genetics (NASDAQ:IRD) from a strong sell rating to a sell rating in a research report released on Saturday morning.

A number of other equities research analysts have also weighed in on IRD. Royal Bank Of Canada lowered their price target on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. TD Cowen assumed coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a “buy” rating on the stock. Finally, BTIG Research reiterated a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.69.

Opus Genetics Trading Down 1.6%

NASDAQ:IRD opened at $3.66 on Friday. The firm’s fifty day simple moving average is $3.81 and its 200 day simple moving average is $4.11. Opus Genetics has a twelve month low of $1.04 and a twelve month high of $5.81. The firm has a market capitalization of $302.21 million, a price-to-earnings ratio of -2.71 and a beta of 0.59.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. On average, analysts predict that Opus Genetics will post -1.09 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the transaction, the director directly owned 3,792,171 shares of the company’s stock, valued at approximately $16,495,943.85. The trade was a 30.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,729,331 shares of company stock valued at $7,481,629. 11.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently bought and sold shares of IRD. Blair William & Co. IL grew its holdings in shares of Opus Genetics by 12.3% during the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after purchasing an additional 3,000 shares during the last quarter. Raymond James Financial Inc. lifted 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 worth $37,000 after purchasing an additional 11,000 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics during the 4th quarter valued at approximately $25,000. Stoneridge Investment Partners LLC acquired a new position in Opus Genetics during the 2nd quarter valued at approximately $47,000. Finally, State of Wyoming bought a new position in Opus Genetics during the 2nd quarter worth $65,000. 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.