BTIG Research Begins Coverage on Opus Genetics (NASDAQ:IRD)

Investment analysts at BTIG Research assumed coverage on shares of Opus Genetics (NASDAQ:IRD) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $7.00 price target on the stock. BTIG Research’s target price would suggest a potential upside of 196.61% from the stock’s current price.

A number of other brokerages have also issued reports on IRD. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Brookline Capital Management upgraded shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Piper Sandler initiated coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They set an “overweight” rating and a $7.00 target price for the company. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $9.00 price target on shares of Opus Genetics in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.75.

Opus Genetics Price Performance

NASDAQ:IRD opened at $2.36 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.18. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $2.59. The stock’s 50-day moving average price is $2.08 and its 200-day moving average price is $1.70. The stock has a market capitalization of $162.75 million, a PE ratio of -1.26 and a beta of 0.41.

Opus Genetics (NASDAQ:IRD) last issued its quarterly 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 company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $3.07 million. As a group, equities analysts expect that Opus Genetics will post -1.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Fighting Blindness Foundation sold 4,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 9th. The shares were 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 owned 5,492,171 shares in the company, valued at $11,808,167.65. This trade represents a 42.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Cam Gallagher acquired 83,000 shares of the business’s stock in a transaction that occurred on Monday, December 29th. The shares were acquired 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 position. The SEC filing for this purchase provides additional information. Company insiders own 6.60% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds have recently added to or reduced their stakes in the company. BIOS Capital Management LP lifted its position in Opus Genetics by 270.1% during the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock worth $3,462,000 after acquiring an additional 2,688,180 shares during the period. Voss Capital LP boosted its stake in shares of Opus Genetics by 260.8% in the second quarter. Voss Capital LP now owns 541,159 shares of the company’s stock valued at $510,000 after buying an additional 391,159 shares in the last quarter. Vanguard Group Inc. grew its holdings in Opus Genetics by 35.3% during the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock worth $2,214,000 after acquiring an additional 349,825 shares during the period. Opaleye Management Inc. raised its position in Opus Genetics by 3.8% in 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. Finally, Mink Brook Asset Management LLC lifted its holdings in Opus Genetics by 47.8% in the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock valued at $1,128,000 after acquiring an additional 387,536 shares during the period. 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.