Zacks Research Upgrades Opus Genetics (NASDAQ:IRD) to “Hold”

Opus Genetics (NASDAQ:IRD) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

IRD has been the topic of a number of other reports. Citizens Jmp reduced their price objective on shares of Opus Genetics from $12.00 to $11.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the stock a “buy” rating in a report on Wednesday, March 11th. Wall Street Zen cut shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Oppenheimer began coverage on shares of Opus Genetics in a report on Monday, March 16th. They issued an “outperform” rating and a $10.00 target price for the company. One equities research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

Opus Genetics Stock Performance

IRD stock opened at $3.91 on Wednesday. The company’s 50-day simple moving average is $4.80 and its 200 day simple moving average is $3.65. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81. The company has a market capitalization of $322.85 million, a PE ratio of -2.94 and a beta of 0.56.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). The firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. On average, analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insider Transactions at Opus Genetics

In other news, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction dated 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 transaction, the insider owned 509,233 shares of the company’s stock, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $5.21, for a total transaction of $127,321.98. Following the completion of the transaction, the chief executive officer directly owned 1,750,855 shares of the company’s stock, valued at $9,121,954.55. This trade represents a 1.38% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,773,395 shares of company stock valued at $7,777,278. 11.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in the business. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics during the 4th quarter worth approximately $25,000. Comerica Bank bought a new stake in Opus Genetics during the 1st quarter worth approximately $29,000. Virtu Financial LLC bought a new stake in Opus Genetics during the 4th quarter worth approximately $34,000. Raymond James Financial Inc. grew its holdings in Opus Genetics by 95.6% during the 3rd 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 last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in Opus Genetics during the 4th quarter worth approximately $40,000. 14.97% of the stock is 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.