Opus Genetics, Inc. (NASDAQ:IRD) Receives $10.77 Consensus Target Price from Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have received an average recommendation of “Moderate Buy” from the seventeen research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, fourteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $10.7692.

A number of brokerages recently commented on IRD. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Citigroup initiated coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They set an “outperform” rating on the stock. Chardan Capital reissued a “buy” rating and set a $13.00 price target on shares of Opus Genetics in a research report on Monday, July 6th. BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $11.00 price objective on shares of Opus Genetics in a research note on Monday, June 15th.

Insider Activity at Opus Genetics

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the sale, the director owned 3,792,171 shares of the company’s stock, valued at approximately $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO George Magrath sold 9,511 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.22, for a total value of $49,647.42. Following the sale, the chief executive officer directly owned 1,741,344 shares in the company, valued at $9,089,815.68. 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. Insiders sold 1,738,703 shares of company stock worth $7,596,606 over the last 90 days. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IRD. Seven Fleet Capital Management LP purchased a new stake in Opus Genetics during the 1st quarter worth about $611,000. Bank of America Corp DE boosted its stake in shares of Opus Genetics by 2,965.6% in the 1st quarter. Bank of America Corp DE now owns 67,015 shares of the company’s stock valued at $305,000 after buying an additional 64,829 shares during the period. ADAR1 Capital Management LLC boosted its stake in shares of Opus Genetics by 4,522.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after buying an additional 1,809,004 shares during the period. Regency Capital Management Inc. DE grew its position in shares of Opus Genetics by 47.8% during the first quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company’s stock worth $309,000 after buying an additional 22,000 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Opus Genetics during the fourth quarter worth about $34,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Opus Genetics Stock Down 6.7%

NASDAQ:IRD opened at $3.05 on Friday. The stock’s fifty day moving average is $4.09 and its two-hundred day moving average is $3.98. Opus Genetics has a 52 week low of $1.04 and a 52 week high of $5.81. The stock has a market capitalization of $251.84 million, a price-to-earnings ratio of -2.29 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The firm had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. On average, sell-side analysts expect that Opus Genetics will post -1.08 EPS for the current fiscal year.

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.