Opus Genetics (NASDAQ:IRD) Now Covered by Analysts at Leerink Partners

Leerink Partners initiated coverage on shares of Opus Genetics (NASDAQ:IRD) in a report issued on Thursday, MarketBeat reports. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Leerink Partners’ target price suggests a potential upside of 125.23% from the company’s current price.

Several other brokerages have also issued reports on IRD. BTIG Research raised their target price on shares of Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Citizens Jmp cut their price objective on shares of Opus Genetics from $12.00 to $11.00 and set a “market outperform” rating on the stock in a report on Wednesday, May 13th. Citigroup initiated coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating on the stock. Cantor Fitzgerald assumed coverage on shares of Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 target price for the company. Finally, Wall Street Zen downgraded Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.18.

Opus Genetics Stock Performance

NASDAQ IRD opened at $4.44 on Thursday. The stock has a fifty day moving average of $4.97 and a 200-day moving average of $3.40. The stock has a market capitalization of $361.42 million, a P/E ratio of -3.34 and a beta of 0.62. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). The firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. Equities research analysts forecast that Opus Genetics will post -1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Ashwath Jayagopal sold 7,542 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the transaction, the insider owned 509,233 shares of the company’s stock, valued at $2,642,919.27. The trade was a 1.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 7,842 shares of the firm’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the sale, the chief financial officer directly owned 592,158 shares in the company, valued at $3,067,378.44. The trade was a 1.31% 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. In the last quarter, insiders sold 1,773,395 shares of company stock valued at $7,777,278. 11.70% of the stock is owned by company insiders.

Institutional Trading of Opus Genetics

Several hedge funds have recently bought and sold shares of IRD. Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics in the fourth quarter valued at approximately $5,463,000. Millennium Management LLC acquired a new position in Opus Genetics in the 4th quarter worth $4,025,000. ADAR1 Capital Management LLC boosted its stake in Opus Genetics by 4,522.5% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after purchasing an additional 1,809,004 shares during the period. Nantahala Capital Management LLC lifted its holdings in shares of Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares in the last quarter. Finally, Mink Brook Asset Management LLC boosted its position in shares of Opus Genetics by 34.5% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock worth $3,348,000 after buying an additional 427,684 shares during the period. 14.97% of the stock is currently 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.