Opus Genetics (NASDAQ:IRD) Raised to Strong-Buy at Lifesci Capital

Opus Genetics (NASDAQ:IRD) was upgraded by investment analysts at Lifesci Capital to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Several other equities analysts have also weighed in on the company. BTIG Research reissued a “buy” rating and issued a $7.00 target price on shares of Opus Genetics in a research note on Wednesday, January 28th. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Piper Sandler assumed coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They set an “overweight” rating and a $7.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, January 22nd. Finally, Wedbush started coverage on shares of Opus Genetics in a report on Wednesday, October 29th. They issued an “outperform” rating and a $8.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $7.75.

Opus Genetics Price Performance

Shares of IRD stock opened at $3.64 on Thursday. The firm’s 50 day moving average price is $2.36 and its two-hundred day moving average price is $1.90. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $3.70. The stock has a market cap of $251.01 million, a PE ratio of -1.94 and a beta of 0.58.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, beating 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, analysts forecast that Opus Genetics will post -1.22 EPS for the current year.

Insider Activity at Opus Genetics

In related news, 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 transaction, the director owned 83,000 shares of the company’s stock, valued at $163,510. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Fighting Blindness Foundation sold 4,000,000 shares of the stock in a transaction dated 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 transaction, the director owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. This trade represents a 42.14% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. increased its stake in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after buying an additional 11,000 shares during the last quarter. Johnson Investment Counsel Inc. bought a new position in shares of Opus Genetics in the 4th quarter valued at about $40,000. Voss Capital LP increased its position in shares of Opus Genetics by 3.9% in 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 during the last quarter. State Street Corp increased its position in shares of Opus Genetics by 18.8% in the fourth quarter. State Street Corp now owns 173,253 shares of the company’s stock valued at $348,000 after acquiring an additional 27,380 shares during the last quarter. Finally, Comerica Bank bought a new stake in Opus Genetics during the first quarter worth about $29,000. 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.