Opus Genetics, Inc. (NASDAQ:IRD) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analyst sentiment is favorable: Opus Genetics has a “Moderate Buy” consensus from 18 analysts, including 15 buy ratings and one strong-buy rating. The average 12-month price target is $10.69, well above the recent $4.67 share price.
• Recent operating results were mixed: The company reported a quarterly loss of $0.14 per share, better than the expected $0.16 loss, but revenue of $0.76 million fell short of the $2.63 million estimate. Analysts project a full-year loss of $0.99 per share.
• Institutional ownership increased: Hedge funds and other institutions own 14.97% of Opus Genetics, with several investors adding to their positions during the second quarter. Insiders own 11.70% of the company, while recent insider sales were attributed to tax-withholding obligations.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eighteen ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation, fifteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $10.6923.

Several equities research analysts recently weighed in on the company. Citizens Jmp reaffirmed a "market outperform" rating and set a $11.00 price target on shares of Opus Genetics in a report on Monday, June 15th. BTIG Research reissued a "buy" rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Guggenheim began coverage on shares of Opus Genetics in a research report on Thursday, June 4th. They set a "buy" rating and a $16.00 price objective for the company. TD Cowen began coverage on shares of Opus Genetics in a research report on Wednesday, July 29th. They set a "buy" rating for the company. Finally, Zacks Research upgraded shares of Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th.

Opus Genetics Stock Up 1.5%

Shares of IRD stock opened at $4.67 on Friday. The stock has a market capitalization of $385.98 million, a PE ratio of -3.46 and a beta of 0.58. Opus Genetics has a 52-week low of $1.24 and a 52-week high of $5.81. The stock's 50-day moving average price is $3.77 and its 200 day moving average price is $4.28.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. Analysts expect that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO George Magrath sold 9,475 shares of the 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 completion of the transaction, the chief executive officer directly owned 1,731,869 shares of the company's stock, valued at $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 29,331 shares of company stock worth $86,629 in the last quarter. Insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On Opus Genetics

Institutional investors have recently added to or reduced their stakes in the business. Comerica Bank purchased a new position in shares of Opus Genetics during the 1st quarter worth approximately $29,000. Royal Bank of Canada purchased a new stake in shares of Opus Genetics in the first quarter valued at approximately $299,000. Nantahala Capital Management LLC boosted its stake in shares of Opus Genetics by 6.0% in 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 in the last quarter. Mink Brook Asset Management LLC grew its holdings in 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 during the period. Finally, Opaleye Management Inc. grew its holdings in 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 during the period. Hedge funds and other institutional investors own 14.97% of the company's stock.

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.

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