Opus Genetics (NASDAQ:IRD) Rating Increased to Moderate Buy at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Opus Genetics (NASDAQ:IRD) to a moderate buy rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

A number of other analysts have also recently commented on the company. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research report on Tuesday, June 16th. Wall Street Zen lowered shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Leerink Partners initiated coverage on shares of Opus Genetics in a report on Thursday, May 21st. They set an “outperform” rating and a $10.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Opus Genetics in a research report on Wednesday, June 17th. Finally, Cantor Fitzgerald assumed coverage on shares of Opus Genetics in a research note on Monday, March 30th. They set an “overweight” rating and a $15.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Opus Genetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.77.

Opus Genetics Stock Performance

IRD opened at $4.08 on Tuesday. The company has a fifty day moving average of $4.66 and a two-hundred day moving average of $3.76. The stock has a market capitalization of $336.89 million, a price-to-earnings ratio of -3.07 and a beta of 0.56. Opus Genetics has a fifty-two week low of $0.90 and a fifty-two week high of $5.81.

Opus Genetics (NASDAQ:IRD) last posted its earnings results 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 business had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. On average, equities research analysts forecast that Opus Genetics will post -1.06 earnings per share for the current year.

Insider Activity

In related news, insider Ashwath Jayagopal sold 7,542 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the completion of the sale, the insider directly owned 509,233 shares of the company’s stock, valued at approximately $2,642,919.27. This trade represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the transaction, the director directly owned 3,792,171 shares in the company, valued at $16,495,943.85. The trade was a 30.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,738,703 shares of company stock valued at $7,596,606 in the last quarter. Insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank purchased a new position in shares of Opus Genetics in the first quarter valued at approximately $29,000. Royal Bank of Canada acquired a new stake in Opus Genetics during the 1st quarter worth approximately $299,000. Nantahala Capital Management LLC boosted its position in Opus Genetics by 6.0% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock valued at $3,152,000 after buying an additional 188,028 shares during the period. Mink Brook Asset Management LLC grew its stake in shares of Opus Genetics by 47.8% in the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after acquiring an additional 387,536 shares in the last quarter. Finally, Opaleye Management Inc. increased its position in shares of Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock worth $1,149,000 after acquiring an additional 45,000 shares during the period. 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.