Opus Genetics, Inc. (NASDAQ:IRD) Receives Consensus Rating of “Moderate Buy” from Analysts

Opus Genetics, Inc. (NASDAQ:IRD) has received a consensus recommendation of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $7.75.

A number of brokerages have recently commented on IRD. BTIG Research began coverage on Opus Genetics in a research note on Tuesday. They issued a “buy” rating and a $7.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Wednesday, October 8th. Chardan Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of Opus Genetics in a research note on Thursday, November 13th. Wedbush initiated 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. Finally, B. Riley initiated coverage on shares of Opus Genetics in a report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price target for the company.

Opus Genetics Stock Up 2.4%

Shares of NASDAQ IRD opened at $2.56 on Friday. Opus Genetics has a 1 year low of $0.65 and a 1 year high of $2.59. The firm’s 50-day moving average is $2.10 and its 200-day moving average is $1.72. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $176.54 million, a PE ratio of -1.36 and a beta of 0.41.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.02. The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $3.07 million. Opus Genetics had a negative net margin of 466.09% and a negative return on equity of 697.94%. Equities analysts expect that Opus Genetics will post -1.22 EPS for the current year.

Insider Activity

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of the business’s stock in a transaction that occurred on 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 completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Cam Gallagher bought 83,000 shares of the company’s stock in a transaction on 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 completion of the acquisition, the director directly owned 83,000 shares in the company, valued at approximately $163,510. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IRD. BIOS Capital Management LP grew its stake in shares of Opus Genetics by 270.1% in the second quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after buying an additional 2,688,180 shares in the last quarter. Voss Capital LP lifted its stake in 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 acquiring an additional 391,159 shares during the last quarter. Mink Brook Asset Management LLC lifted its stake 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 last quarter. Vanguard Group Inc. grew its position in shares of Opus Genetics by 35.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after acquiring an additional 349,825 shares during the period. Finally, Royal Bank of Canada acquired a new position in shares of Opus Genetics during the 1st quarter worth about $299,000. 14.97% of the stock is currently owned by institutional investors.

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.