Opus Genetics, Inc. (NASDAQ:IRD) Receives $9.25 Average PT from Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned an average rating of “Buy” from the twelve research firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $9.3333.

A number of analysts have recently weighed in on the stock. Chardan Capital boosted their target price on shares of Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, March 12th. Lifesci Capital raised shares of Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, March 1st. Oppenheimer started coverage on Opus Genetics in a research report on Monday. They set an “outperform” rating and a $10.00 price objective on the stock. Finally, Piper Sandler started coverage on Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price objective for the company.

Insider Transactions at Opus Genetics

In related news, Director Cam Gallagher purchased 83,000 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was bought at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the completion of the transaction, the director directly owned 83,000 shares in the company, valued at $163,510. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 6.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in IRD. Occudo Quantitative Strategies LP purchased a new position in shares of Opus Genetics during the 4th quarter worth about $25,000. Comerica Bank bought a new stake in Opus Genetics in the first quarter worth about $29,000. Virtu Financial LLC bought a new stake in Opus Genetics in the fourth quarter worth about $34,000. Raymond James Financial Inc. boosted its position in shares of Opus Genetics by 95.6% during the third 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 period. Finally, Johnson Investment Counsel Inc. purchased a new position in shares of Opus Genetics during the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Opus Genetics Stock Performance

IRD opened at $4.80 on Friday. Opus Genetics has a fifty-two week low of $0.65 and a fifty-two week high of $5.30. The company has a fifty day moving average of $3.30 and a 200 day moving average of $2.39. The stock has a market capitalization of $341.52 million, a price-to-earnings ratio of -5.85 and a beta of 0.45.

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.