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

Key Points

• Opus Genetics has a “Moderate Buy” consensus among 18 analysts: 15 rate it a buy, one a strong buy, and two a sell. The average 12-month price target is $10.69, compared with the stock’s recent price of $3.88.
• Insiders sold 1.73 million shares worth approximately $7.48 million over the past 90 days, while insiders retain an 11.70% ownership stake. Institutional investors own 14.97% after several funds, including BlackRock, initiated positions.
• The company beat quarterly EPS expectations with a loss of $0.14 versus the projected $0.16 loss, but revenue of $0.76 million fell well short of the $2.63 million estimate. Opus Genetics remains unprofitable, with analysts expecting a full-year loss of $1.09 per share.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eighteen brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, fifteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $10.6923.

A number of analysts have weighed in on IRD shares. Wall Street Zen raised shares of Opus Genetics from a "strong sell" rating to a "sell" rating in a report on Saturday. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Opus Genetics in a research report on Friday, July 17th. B. Riley Financial reaffirmed a "buy" rating on shares of Opus Genetics in a research report on Thursday, April 30th. Chardan Capital reiterated a "buy" rating and issued a $13.00 target price on shares of Opus Genetics in a research note on Monday, July 6th. Finally, Citizens Jmp reissued a "market outperform" rating and set a $11.00 target price on shares of Opus Genetics in a research report on Monday, June 15th.

Insider Activity at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the firm's stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the transaction, the director owned 3,792,171 shares of the company's stock, valued at $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,729,331 shares of company stock valued at $7,481,629. Insiders own 11.70% of the company's stock.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently made changes to their positions in IRD. Texas Capital Bank Wealth Management Services Inc bought a new position in shares of Opus Genetics during the 2nd quarter worth about $504,000. BlackRock Inc. acquired a new position in Opus Genetics in the second quarter worth about $12,809,000. Deutsche Bank AG bought a new position in Opus Genetics during the second quarter worth about $219,000. Bank of New York Mellon Corp bought a new position in Opus Genetics during the second quarter worth about $503,000. Finally, State of Wyoming acquired a new stake in Opus Genetics during the second quarter valued at approximately $65,000. Institutional investors and hedge funds own 14.97% of the company's stock.

Opus Genetics Stock Up 6.0%

Shares of NASDAQ IRD opened at $3.88 on Wednesday. The business's 50 day moving average is $3.80 and its two-hundred day moving average is $4.14. The company has a market cap of $320.68 million, a P/E ratio of -2.87 and a beta of 0.59. Opus Genetics has a 12 month low of $1.04 and a 12 month high of $5.81.

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, beating 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 company had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Sell-side analysts expect that Opus Genetics will post -1.09 earnings per share for the current fiscal year.

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.

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