Opus Genetics (NASDAQ:IRD) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Opus Genetics (NASDAQ:IRD) from a hold rating to a sell rating in a research note released on Saturday.

A number of other analysts also recently issued reports on IRD. Wedbush assumed coverage on Opus Genetics in a research report on Wednesday, October 29th. They issued an “outperform” rating and a $8.00 target price on the stock. B. Riley began coverage on Opus Genetics in a research report on Wednesday, December 10th. They set a “buy” rating and a $9.00 price target on the stock. Piper Sandler started coverage on Opus Genetics in a report on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price objective for the company. Brookline Capital Management raised shares of Opus Genetics to a “strong-buy” rating in a research note on Monday, December 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.86.

Opus Genetics Price Performance

IRD stock opened at $2.13 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.18. The stock has a market cap of $146.88 million, a PE ratio of -1.13 and a beta of 0.41. Opus Genetics has a 1 year low of $0.65 and a 1 year high of $2.59. The stock has a 50-day moving average price of $2.06 and a two-hundred day moving average price of $1.61.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Wednesday, November 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%.The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $3.07 million. Equities analysts forecast that Opus Genetics will post -1.22 EPS for the current fiscal year.

Insider Transactions at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of Opus Genetics stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $2.15, for a total transaction of $8,600,000.00. Following the completion of the sale, the director owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. The trade was a 42.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Cam Gallagher purchased 83,000 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The stock was bought at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the purchase, the director owned 83,000 shares in the company, valued at $163,510. The trade was a ? increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 6.60% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds have recently added to or reduced their stakes in IRD. BIOS Capital Management LP grew its holdings in Opus Genetics by 270.1% in the 2nd quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after buying an additional 2,688,180 shares in the last quarter. Voss Capital LP boosted its position in shares of Opus Genetics by 260.8% in the second quarter. Voss Capital LP now owns 541,159 shares of the company’s stock valued at $510,000 after acquiring an additional 391,159 shares during the period. Mink Brook Asset Management LLC grew its stake in shares of 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 acquiring an additional 387,536 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after acquiring an additional 349,825 shares in the last quarter. Finally, Royal Bank of Canada bought a new position in Opus Genetics during the first quarter worth about $299,000. 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.