Opus Genetics (NASDAQ:IRD) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of Opus Genetics (NASDAQ:IRD) in a research report released on Monday, Marketbeat reports. The firm issued an overweight rating and a $15.00 target price on the stock.

A number of other analysts have also recently weighed in on IRD. Wedbush increased their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, March 12th. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the company a “buy” rating in a research note on Wednesday, March 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, January 22nd. BTIG Research lifted their price target on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Finally, upgraded Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Opus Genetics currently has an average rating of “Moderate Buy” and a consensus target price of $9.90.

Opus Genetics Stock Performance

IRD stock opened at $4.35 on Monday. The stock has a market capitalization of $309.50 million, a price-to-earnings ratio of -5.30 and a beta of 0.44. Opus Genetics has a 1 year low of $0.65 and a 1 year high of $5.30. The stock’s fifty day moving average is $3.74 and its two-hundred day moving average is $2.60.

Insider Buying and Selling

In other Opus Genetics news, CEO George Magrath sold 24,438 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $5.21, for a total transaction of $127,321.98. Following the sale, the chief executive officer directly owned 1,750,855 shares in the company, valued at approximately $9,121,954.55. The trade was a 1.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have sold 34,692 shares of company stock worth $180,672. 6.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nantahala Capital Management LLC increased its stake in shares of Opus Genetics by 42.9% during the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after acquiring an additional 1,435,407 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Opus Genetics in the fourth quarter worth approximately $5,463,000. Millennium Management LLC bought a new position in Opus Genetics during the 4th quarter valued at $4,025,000. Mink Brook Asset Management LLC boosted its stake in Opus Genetics by 34.5% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after purchasing an additional 427,684 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Opus Genetics by 35.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after purchasing an additional 349,825 shares during the period. 14.97% of the stock is currently owned by institutional investors.

Opus Genetics Company Profile

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.