Citizens Jmp Lowers Opus Genetics (NASDAQ:IRD) Price Target to $11.00

Opus Genetics (NASDAQ:IRD) had its price objective dropped by research analysts at Citizens Jmp from $12.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 118.56% from the stock’s current price.

A number of other equities research analysts have also weighed in on IRD. Cantor Fitzgerald started coverage on shares of Opus Genetics in a report on Monday, March 30th. They set an “overweight” rating and a $15.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Oppenheimer initiated coverage on Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 target price for the company. Finally, Chardan Capital upped their price target on Opus Genetics from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.20.

Opus Genetics Price Performance

IRD stock traded down $0.15 during midday trading on Wednesday, reaching $5.03. The company had a trading volume of 123,281 shares, compared to its average volume of 900,582. Opus Genetics has a 1-year low of $0.90 and a 1-year high of $5.81. The company has a market capitalization of $359.36 million, a price-to-earnings ratio of -6.15 and a beta of 0.62. The stock has a 50 day moving average price of $4.96 and a 200-day moving average price of $3.29.

Opus Genetics (NASDAQ:IRD) last posted its quarterly 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 company had revenue of $2.16 million during the quarter. Opus Genetics had a negative net margin of 349.33% and a negative return on equity of 338.88%. As a group, research analysts anticipate that Opus Genetics will post -0.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Robert E. Gagnon sold 7,842 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.18, for a total transaction of $40,621.56. Following the transaction, the chief financial officer directly owned 592,158 shares of the company’s stock, valued at $3,067,378.44. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 24,438 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $5.21, for a total transaction of $127,321.98. Following the completion of the sale, the chief executive officer owned 1,750,855 shares of the company’s stock, valued at $9,121,954.55. The trade was a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 73,395 shares of company stock valued at $382,278 in the last ninety days. 11.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Comerica Bank bought a new stake in shares of Opus Genetics during the first quarter valued at approximately $29,000. Royal Bank of Canada acquired a new position in Opus Genetics during the first quarter worth $299,000. Nantahala Capital Management LLC grew its holdings 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 valued at $3,152,000 after buying an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC increased its position in shares of Opus Genetics by 47.8% during 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 in the last quarter. 14.97% of the stock is 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.