HC Wainwright Reaffirms Buy Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $8.00 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 105.13% from the company’s previous close.

Several other research analysts also recently commented on the company. Citigroup started coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Oppenheimer began coverage on Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research report on Tuesday, April 21st. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.67.

Opus Genetics Stock Down 0.3%

Shares of NASDAQ IRD opened at $3.90 on Wednesday. The business’s 50 day moving average is $4.76 and its two-hundred day moving average is $3.69. The company has a market cap of $322.01 million, a P/E ratio of -2.93 and a beta of 0.56. Opus Genetics has a 12 month low of $0.90 and a 12 month high of $5.81.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). The business had revenue of $2.16 million during the quarter, compared to the consensus estimate of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. Sell-side analysts expect that Opus Genetics will post -1.06 earnings per share for the current fiscal year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the sale, the insider owned 509,233 shares in the company, valued at $2,642,919.27. This trade represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is owned by insiders.

Institutional Trading of Opus Genetics

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