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

Key Points

• Opus Genetics has a consensus analyst rating of “Moderate Buy”, based on coverage from 17 analysts. The average 12-month price target is about $10.77, with most analysts rating the stock a buy or outperform.
• Recent analyst activity has been broadly positive, with firms like Chardan Capital, Citigroup, Citizens JMP, Guggenheim, and Leerink Partners reiterating or initiating buy/outperform ratings and price targets ranging from $10 to $16.
• Despite the positive ratings, Opus Genetics reported a wider-than-expected quarterly loss and missed revenue estimates in its latest earnings release. The stock was trading around $3.27, well below the average analyst target.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) has received a consensus rating of "Moderate Buy" from the seventeen analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $10.7692.

IRD has been the topic of several analyst reports. Chardan Capital reiterated a "buy" rating and issued a $13.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Citigroup started coverage on Opus Genetics in a report on Tuesday, April 28th. They issued an "outperform" rating for the company. Citizens Jmp reissued a "market outperform" rating and set a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Guggenheim initiated coverage on Opus Genetics in a report on Thursday, June 4th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Leerink Partners started coverage on Opus Genetics in a research report on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price target on the stock.

Insider Buying and Selling at Opus Genetics

In other Opus Genetics news, Director Fighting Blindness Foundation sold 1,700,000 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the transaction, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. The trade was a 30.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Benjamin R. Yerxa sold 7,470 shares of the business'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 transaction, the president owned 711,535 shares of the company's stock, valued at $3,728,443.40. This trade represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,738,703 shares of company stock valued at $7,596,606. 11.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently modified their holdings of the company. Occudo Quantitative Strategies LP acquired a new stake in Opus Genetics in the fourth quarter valued at $25,000. ADAR1 Capital Management LLC acquired a new position in shares of Opus Genetics during the 4th quarter worth about $80,000. Blair William & Co. IL boosted its position in shares of Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company's stock worth $55,000 after acquiring an additional 3,000 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in shares of Opus Genetics in the 4th quarter valued at about $177,000. Finally, Johnson Investment Counsel Inc. purchased a new position in shares of Opus Genetics in the 4th quarter valued at about $40,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Opus Genetics Stock Down 0.3%

Shares of IRD opened at $3.27 on Friday. The company has a market cap of $269.99 million, a P/E ratio of -2.46 and a beta of 0.55. Opus Genetics has a fifty-two week low of $1.04 and a fifty-two week high of $5.81. The firm's 50 day moving average price is $4.13 and its 200 day moving average price is $3.96.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). The business had revenue of $2.16 million during the quarter, compared to analysts' expectations of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. Research analysts forecast that Opus Genetics will post -1.08 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.