Opus Genetics (NASDAQ:IRD) Rating Increased to Strong-Buy at Guggenheim

Guggenheim upgraded shares of Opus Genetics (NASDAQ:IRD) to a strong-buy rating in a research report sent to investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about 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. Citigroup initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a research report on Thursday, February 12th. Citizens Jmp dropped their price objective on Opus Genetics from $12.00 to $11.00 and set a “market outperform” rating for the company in a report on Wednesday, May 13th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

Opus Genetics Stock Up 10.5%

IRD stock opened at $4.64 on Thursday. The company has a market cap of $377.68 million, a P/E ratio of -3.49 and a beta of 0.56. Opus Genetics has a twelve month low of $0.90 and a twelve month high of $5.81. The business has a fifty day moving average of $4.85 and a 200-day moving average of $3.57.

Opus Genetics (NASDAQ:IRD) last released its earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share 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 the consensus estimate of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. As a group, equities research analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the sale, the insider owned 509,233 shares in the company, 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 document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total value of $39,142.80. Following the completion of the sale, the president owned 711,535 shares of the company’s stock, valued at $3,728,443.40. This represents a 1.04% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,773,395 shares of company stock valued at $7,777,278 in the last ninety days. 11.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRD. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics in the fourth quarter valued at about $25,000. Comerica Bank acquired a new position in shares of Opus Genetics during the first quarter worth about $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics during the fourth quarter worth about $34,000. Raymond James Financial Inc. boosted its position in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new position in Opus Genetics during the fourth quarter valued at approximately $40,000. 14.97% of the stock is owned by institutional investors and hedge funds.

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.