Opus Genetics, Inc. (NASDAQ:IRD) Given Average Rating of “Buy” by Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have been assigned a consensus recommendation of “Buy” from the eleven research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $7.75.

IRD has been the subject of a number of recent research reports. Chardan Capital reaffirmed a “buy” rating and set a $9.00 price objective on shares of Opus Genetics in a research report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, January 22nd. B. Riley Financial initiated coverage on shares of Opus Genetics in a research report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price objective on the stock. Brookline Capital Acquisition raised shares of Opus Genetics to a “strong-buy” rating in a research note on Monday, December 1st. Finally, Lifesci Capital upgraded shares of Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th.

Insider Activity

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $2.15, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Cam Gallagher acquired 83,000 shares of the stock in a transaction on Monday, December 29th. The stock was acquired at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the acquisition, the director directly owned 83,000 shares in the company, valued at $163,510. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank purchased a new position in Opus Genetics during the first quarter worth $29,000. Raymond James Financial Inc. lifted its position in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after acquiring an additional 11,000 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics during the fourth quarter valued at $40,000. Blair William & Co. IL increased its position in Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock worth $55,000 after purchasing an additional 3,000 shares in the last quarter. Finally, ADAR1 Capital Management LLC acquired a new position in Opus Genetics in the 4th quarter valued at about $80,000. 14.97% of the stock is owned by hedge funds and other institutional investors.

Opus Genetics Price Performance

Shares of IRD opened at $3.89 on Wednesday. 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 fifty-two week low of $0.65 and a fifty-two week high of $3.97. The firm has a 50-day simple moving average of $2.42 and a 200-day simple moving average of $1.95. The company has a market capitalization of $268.25 million, a price-to-earnings ratio of -2.07 and a beta of 0.58.

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.