Citizens Jmp Reiterates Market Outperform Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “market outperform” rating reissued by Citizens Jmp in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $11.00 price objective on the stock. Citizens Jmp’s price objective suggests a potential upside of 171.94% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Wedbush boosted their price target on Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, March 12th. Oppenheimer assumed coverage on shares of Opus Genetics in a research note on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective on the stock. Chardan Capital raised their price objective 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. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Opus Genetics presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

Opus Genetics Stock Performance

Shares of IRD stock traded up $0.01 on Monday, reaching $4.05. The stock had a trading volume of 80,154 shares, compared to its average volume of 893,069. The stock has a market cap of $334.00 million, a P/E ratio of -3.04 and a beta of 0.56. Opus Genetics has a 1 year low of $0.90 and a 1 year high of $5.81. The company has a 50 day simple moving average of $4.78 and a 200 day simple moving average of $3.66.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The firm had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $2.93 million. On average, equities research analysts anticipate that Opus Genetics will post -1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Opus Genetics news, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the completion of the sale, the chief financial officer owned 592,158 shares in the company, valued at $3,067,378.44. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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 Opus Genetics 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 transaction, the insider directly owned 509,233 shares in the company, valued at approximately $2,642,919.27. The trade was 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 90 days, insiders have sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 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 position in Opus Genetics in the 1st quarter worth $29,000. Virtu Financial LLC bought a new position in Opus Genetics in the 4th quarter worth $34,000. Raymond James Financial Inc. increased its stake in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after buying an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics in the 4th quarter worth $40,000. 14.97% of the stock is owned by hedge funds and other institutional investors.

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.