BTIG Research Reaffirms Buy Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by research analysts at BTIG Research in a research note issued on Monday,Benzinga reports. They presently have a $12.00 price objective on the stock. BTIG Research’s target price points to a potential upside of 176.18% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Craig Hallum set a $9.00 target price on Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Royal Bank Of Canada assumed coverage on Opus Genetics in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 price target for the company. Cantor Fitzgerald initiated coverage on Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 target price for the company. Finally, Citigroup assumed coverage on Opus Genetics in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Opus Genetics has an average rating of “Moderate Buy” and an average price target of $10.77.

Opus Genetics Price Performance

Shares of NASDAQ IRD traded up $0.12 during midday trading on Monday, hitting $4.34. 416,654 shares of the company’s stock were exchanged, compared to its average volume of 947,862. The stock’s 50 day moving average price is $4.41 and its 200-day moving average price is $3.85. The firm has a market cap of $358.77 million, a P/E ratio of -3.26 and a beta of 0.55. Opus Genetics has a twelve month low of $0.98 and a twelve month high of $5.81.

Opus Genetics (NASDAQ:IRD) last released its quarterly 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 return on equity of 338.88% and a negative net margin of 892.36%.The company had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. On average, analysts expect that Opus Genetics will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Opus Genetics news, Director Fighting Blindness Foundation sold 1,700,000 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the sale, the director owned 3,792,171 shares in the company, valued at approximately $16,495,943.85. This trade represents a 30.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Benjamin R. Yerxa sold 7,470 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.24, for a total transaction of $39,142.80. Following the transaction, the president owned 711,535 shares in the company, valued at $3,728,443.40. The trade was a 1.04% 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. Insiders have sold a total of 1,738,703 shares of company stock valued at $7,596,606 in the last ninety days. 11.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Several large investors have recently bought and sold shares of the business. Comerica Bank acquired a new stake in Opus Genetics during the 1st quarter worth $29,000. Royal Bank of Canada bought a new position in shares of Opus Genetics in the 1st quarter worth $299,000. Nantahala Capital Management LLC grew its stake in shares of Opus Genetics by 6.0% during the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after purchasing an additional 188,028 shares during the period. Mink Brook Asset Management LLC increased its holdings in 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 valued at $1,128,000 after purchasing an additional 387,536 shares during the last quarter. Finally, Opaleye Management Inc. boosted its holdings in 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 buying an additional 45,000 shares during the last quarter. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.