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

Key Points

• Analyst consensus: Opus Genetics has a consensus rating of "Moderate Buy" from 13 analysts (1 sell, 1 hold, 10 buy, 1 strong buy) with an average 12‑month price target of $10.30.
• Insider selling: President Benjamin Yerxa and insider Ashwath Jayagopal each sold roughly 7,500 shares on April 23 to cover tax withholding from vested equity; insiders have sold 73,395 shares (~$382,278) in the last 90 days and own 11.70% of the company.
• Stock snapshot: NASDAQ:IRD opened at $5.14, has a market cap of $367 million, a 52‑week range of $0.90–$5.81, and 50‑/200‑day moving averages of $4.77 and $3.15 respectively.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the thirteen analysts that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $10.30.

IRD has been the topic of a number of research reports. Wall Street Zen upgraded Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, March 1st. Wedbush increased their price objective on Opus Genetics from $8.00 to $10.00 and gave the stock an "outperform" rating in a report on Thursday, March 12th. B. Riley Financial restated a "buy" rating on shares of Opus Genetics in a report on Thursday. Chardan Capital upped their target price on Opus Genetics from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Opus Genetics in a research report on Tuesday, April 21st.

Insider Buying and Selling

In other Opus Genetics news, President Benjamin R. Yerxa sold 7,470 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.24, for a total transaction of $39,142.80. Following the completion of the sale, the president owned 711,535 shares of the company's stock, valued at $3,728,443.40. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Also, insider Ashwath Jayagopal sold 7,542 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total value of $39,142.98. Following the sale, the insider directly 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 73,395 shares of company stock worth $382,278 over the last ninety days. Company insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On Opus Genetics

A number of large investors have recently added to or reduced their stakes in IRD. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics during the fourth quarter worth approximately $25,000. Comerica Bank bought a new stake in shares of Opus Genetics in the first quarter valued at approximately $29,000. Virtu Financial LLC bought a new stake in shares of Opus Genetics in the fourth quarter valued at approximately $34,000. Raymond James Financial Inc. boosted its position in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock valued at $37,000 after acquiring an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Opus Genetics in the fourth quarter valued at approximately $40,000. Institutional investors own 14.97% of the company's stock.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $5.14 on Monday. The stock's 50 day moving average price is $4.77 and its 200 day moving average price is $3.15. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81. The company has a market capitalization of $367.00 million, a P/E ratio of -6.27 and a beta of 0.62.

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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