Opus Genetics (NASDAQ:IRD) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Opus Genetics (NASDAQ:IRD) from a strong sell rating to a sell rating in a research report report published on Saturday morning.

A number of other equities analysts have also recently commented on the stock. TD Cowen began coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating for the company. Citizens Jmp reissued a “market outperform” rating and issued a $11.00 price objective on shares of Opus Genetics in a research report on Monday, June 15th. Leerink Partners started coverage on shares of Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. Finally, Guggenheim started coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.69.

Opus Genetics Price Performance

Shares of IRD opened at $3.66 on Friday. The company has a market cap of $302.21 million, a PE ratio of -2.71 and a beta of 0.59. The business has a fifty day moving average of $3.80 and a 200 day moving average of $4.13. Opus Genetics has a 52-week low of $1.04 and a 52-week high of $5.81.

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. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The company had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. As a group, research analysts anticipate that Opus Genetics will post -1.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics 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 sale, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. This trade represents a 30.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. The trade was a 0.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 1,729,331 shares of company stock valued at $7,481,629. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently modified their holdings of the stock. Texas Capital Bank Wealth Management Services Inc purchased a new position in Opus Genetics during the 2nd quarter worth $504,000. BlackRock Inc. bought a new position in shares of Opus Genetics during the 2nd quarter worth approximately $12,809,000. Deutsche Bank AG purchased a new stake in shares of Opus Genetics during the 2nd quarter valued at $219,000. Bank of New York Mellon Corp purchased a new stake in Opus Genetics in the second quarter valued at about $503,000. Finally, State of Wyoming purchased a new position in shares of Opus Genetics in the 2nd quarter valued at approximately $65,000. 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.