Wall Street Zen Upgrades Opus Genetics (NASDAQ:IRD) to Hold

Opus Genetics (NASDAQ:IRD) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other research firms also recently weighed in on IRD. Citizens Jmp restated a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research note on Monday, June 15th. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a research note on Thursday, April 30th. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Opus Genetics in a report on Wednesday, June 17th. BTIG Research reissued a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a research note on Monday, July 6th. Finally, Guggenheim initiated coverage on Opus Genetics in a report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.69.

Opus Genetics Price Performance

Shares of NASDAQ IRD opened at $3.65 on Friday. Opus Genetics has a 1 year low of $1.10 and a 1 year high of $5.81. The stock has a market cap of $301.67 million, a P/E ratio of -2.70 and a beta of 0.59. The firm has a 50-day moving average of $3.75 and a 200 day moving average of $4.17.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. Research analysts expect that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Activity at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 29,331 shares of company stock valued at $86,629. 11.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IRD. Nantahala Capital Management LLC increased its holdings in Opus Genetics by 42.9% in the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock worth $9,610,000 after buying an additional 1,435,407 shares in the last quarter. BlackRock Inc. bought a new position in Opus Genetics during the 2nd quarter valued at about $12,809,000. Trails Edge Capital Partners LP bought a new position in Opus Genetics during the 2nd quarter valued at about $11,276,434,000. Balyasny Asset Management L.P. purchased a new stake in shares of Opus Genetics during the 4th quarter valued at about $5,463,000. Finally, Millennium Management LLC purchased a new stake in shares of Opus Genetics during the 4th quarter valued at about $4,025,000. 14.97% of the stock is owned by 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.