Opus Genetics (NASDAQ:IRD) Stock Rating Upgraded by Wall Street Zen

Opus Genetics (NASDAQ:IRD) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other brokerages have also recently weighed in on IRD. Wedbush assumed coverage on Opus Genetics in a research note on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research report on Wednesday, October 8th. Piper Sandler initiated coverage on shares of Opus Genetics in a research report on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price objective on the stock. Brookline Capital Management raised shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Finally, B. Riley began coverage on shares of Opus Genetics in a research note on Wednesday. They issued a “buy” rating and a $9.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Opus Genetics currently has an average rating of “Moderate Buy” and a consensus target price of $7.86.

Opus Genetics Stock Performance

Shares of IRD stock opened at $2.36 on Friday. The firm has a market cap of $162.75 million, a price-to-earnings ratio of -1.26 and a beta of 0.42. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.59. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $2.04 and its 200 day moving average is $1.49.

Opus Genetics (NASDAQ:IRD) last posted its earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. The company had revenue of $3.08 million during the quarter, compared to analyst estimates of $3.07 million. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%. On average, sell-side analysts anticipate that Opus Genetics will post -1.22 EPS for the current fiscal year.

Insider Activity at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 5,492,171 shares of the company’s stock, valued at $11,808,167.65. This trade represents a 42.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IRD. Voss Capital LP raised its holdings 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 worth $928,000 after buying an additional 21,218 shares during the last quarter. Mink Brook Asset Management LLC lifted its holdings in shares of Opus Genetics by 3.4% in the 3rd quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock valued at $2,043,000 after buying an additional 40,331 shares during the period. Citadel Advisors LLC boosted its stake in shares of Opus Genetics by 496.9% in the third quarter. Citadel Advisors LLC now owns 113,416 shares of the company’s stock worth $187,000 after buying an additional 94,416 shares during the last quarter. Creative Planning acquired a new stake in Opus Genetics during the third quarter worth about $212,000. Finally, Raymond James Financial Inc. grew its holdings in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares during the period. Institutional investors and hedge funds 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.