Opus Genetics (NASDAQ:IRD) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Opus Genetics (NASDAQ:IRD) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. BTIG Research raised their target price on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Oppenheimer started coverage on shares of Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price target on the stock. Wedbush increased their price target on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, March 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research report on Tuesday, April 21st. Finally, B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Opus Genetics has a consensus rating of “Moderate Buy” and an average target price of $10.67.

Opus Genetics Trading Up 0.5%

Shares of IRD stock opened at $3.91 on Wednesday. Opus Genetics has a 12-month low of $0.90 and a 12-month high of $5.81. The firm’s 50 day moving average is $4.80 and its 200 day moving average is $3.65. The stock has a market capitalization of $322.85 million, a P/E ratio of -2.94 and a beta of 0.56.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The company had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.93 million. As a group, equities analysts predict that Opus Genetics will post -0.97 earnings per share for the current year.

Insiders Place Their Bets

In other news, President Benjamin R. Yerxa sold 7,470 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total transaction of $39,142.80. Following the sale, the president directly owned 711,535 shares in the company, valued at $3,728,443.40. This trade represents a 1.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 24,438 shares of the firm’s stock in a transaction on 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 owned 1,750,855 shares in the company, valued at $9,121,954.55. The trade was a 1.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,773,395 shares of company stock valued at $7,777,278. 11.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

Several institutional investors and hedge funds have recently modified their holdings of IRD. Occudo Quantitative Strategies LP bought a new stake in shares of Opus Genetics during the 4th quarter valued at $25,000. Comerica Bank bought a new stake in shares of Opus Genetics during the 1st quarter valued at $29,000. Virtu Financial LLC bought a new stake in shares of Opus Genetics during the 4th quarter valued at $34,000. Raymond James Financial Inc. raised its position in shares of Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Opus Genetics during the 4th quarter valued at $40,000. 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.