Opus Genetics, Inc. (NASDAQ:IRD) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Opus Genetics has a consensus analyst rating of "Moderate Buy" from 11 analysts (1 sell, 9 buy, 1 strong buy) with an average 12‑month price target of $10.11, and several firms recently raised targets (BTIG $12, Cantor Fitzgerald $15, Wedbush $10).
• CEO George Magrath sold 24,438 shares at an average $5.21 on March 16, insiders have sold 34,692 shares (~$180,672) in the last 90 days and now own 6.60% of the company, while institutional investors hold about 14.97% with several funds recently adding to positions.

Shares of Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the eleven analysts that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $10.1111.

Several equities research analysts recently issued reports on the stock. BTIG Research increased their target price on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a "buy" rating in a report on Monday, March 2nd. B. Riley Financial assumed coverage on shares of Opus Genetics in a report on Wednesday, December 10th. They set a "buy" rating and a $9.00 price objective for the company. Cantor Fitzgerald assumed coverage on shares of Opus Genetics in a report on Monday, March 30th. They set an "overweight" rating and a $15.00 price objective for the company. Wedbush increased their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the company an "outperform" rating in a report on Thursday, March 12th. Finally, Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, March 1st.

Opus Genetics Trading Up 4.7%

Opus Genetics stock opened at $5.15 on Thursday. The firm has a 50 day moving average of $4.04 and a 200 day moving average of $2.75. The firm has a market capitalization of $366.42 million, a price-to-earnings ratio of -6.28 and a beta of 0.52. Opus Genetics has a 12-month low of $0.65 and a 12-month high of $5.30.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 24,438 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were 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 directly owned 1,750,855 shares of the company's stock, valued at $9,121,954.55. This trade represents a 1.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 34,692 shares of company stock worth $180,672. Company insiders own 6.60% of the company's stock.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in IRD. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter valued at approximately $29,000. Royal Bank of Canada bought a new position in shares of Opus Genetics during the 1st quarter valued at approximately $299,000. Nantahala Capital Management LLC boosted its position in shares of Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock valued at $3,152,000 after acquiring an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC boosted its position in shares of Opus Genetics by 47.8% during the 2nd 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 during the last quarter. Finally, Opaleye Management Inc. boosted its position in shares of Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock valued at $1,149,000 after acquiring an additional 45,000 shares during the last quarter. 14.97% of the stock is owned by hedge funds and other institutional investors.

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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