BlackRock Inc. Takes $12.81 Million Position in Opus Genetics, Inc. $IRD

Key Points

• BlackRock acquired a new 3.12 million-share position in Opus Genetics valued at approximately $12.81 million, representing about 3.77% of the company. Other institutional investors also recently increased or initiated stakes, bringing total institutional ownership to 14.97%.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $10.69. Target prices range from $9 to $16, despite one sell rating.
• Opus Genetics reported a quarterly loss of $0.14 per share, better than the expected $0.16 loss, but revenue of $0.76 million fell well short of the $2.63 million estimate. Shares opened at $4.67, compared with a one-year range of $1.24 to $5.81.

BlackRock Inc. bought a new position in Opus Genetics, Inc. (NASDAQ:IRD - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,116,487 shares of the company's stock, valued at approximately $12,809,000. BlackRock Inc. owned about 3.77% of Opus Genetics as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in IRD. Nantahala Capital Management LLC raised its holdings in Opus Genetics by 42.9% in the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company's stock worth $9,610,000 after acquiring an additional 1,435,407 shares during the period. Balyasny Asset Management L.P. bought a new stake in Opus Genetics during the fourth quarter valued at about $5,463,000. Millennium Management LLC acquired a new stake in shares of Opus Genetics in the fourth quarter valued at about $4,025,000. ADAR1 Capital Management LLC grew its position in shares of Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after purchasing an additional 1,809,004 shares during the last quarter. Finally, Mink Brook Asset Management LLC increased its stake in shares of Opus Genetics by 34.5% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company's stock worth $3,348,000 after purchasing an additional 427,684 shares during the period. Institutional investors own 14.97% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on IRD shares. Guggenheim began coverage on Opus Genetics in a research note on Thursday, June 4th. They set a "buy" rating and a $16.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Opus Genetics in a research report on Friday, July 17th. Leerink Partners assumed coverage on Opus Genetics in a report on Thursday, May 21st. They set an "outperform" rating and a $10.00 price target for the company. Royal Bank Of Canada lowered their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Finally, BTIG Research reaffirmed a "buy" rating and set a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Opus Genetics has a consensus rating of "Moderate Buy" and an average price target of $10.69.

Opus Genetics Price Performance

Shares of IRD stock opened at $4.67 on Friday. The stock has a 50-day moving average of $3.77 and a 200-day moving average of $4.28. The stock has a market cap of $385.98 million, a PE ratio of -3.46 and a beta of 0.58. Opus Genetics, Inc. has a one year low of $1.24 and a one year high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. As a group, research analysts anticipate that Opus Genetics, Inc. will post -0.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO George Magrath sold 9,475 shares of the company's stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 29,331 shares of company stock valued at $86,629 over the last 90 days. Insiders own 11.70% of the company's stock.

Opus Genetics 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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