Opus Genetics, Inc. (NASDAQ:IRD) Sees Large Increase in Short Interest

Key Points

• Opus Genetics experienced a significant increase in short interest, rising by 66.2% in September to 90,100 shares.
• The company's recent earnings report indicated a loss of ($0.12) per share, beating estimates but falling short on revenue expectations with $2.88 million reported against estimated $4.27 million.
• Research firms have mixed ratings on Opus Genetics, with three analysts rating it as a Buy, one as a Sell, and a consensus rating of "Moderate Buy" with an average price target of $7.33.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totaling 90,100 shares, a growth of 66.2% from the August 31st total of 54,200 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average daily volume of 401,500 shares, the short-interest ratio is currently 0.2 days. Based on an average daily volume of 401,500 shares, the short-interest ratio is currently 0.2 days. Approximately 0.4% of the shares of the company are sold short.

Opus Genetics Stock Performance

NASDAQ IRD opened at $1.88 on Monday. The business has a 50 day moving average price of $1.32 and a 200 day moving average price of $1.09. The company has a market capitalization of $112.63 million, a P/E ratio of -0.98 and a beta of 0.11. Opus Genetics has a 1-year low of $0.65 and a 1-year high of $1.92. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.90 and a quick ratio of 1.90.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its earnings results on Wednesday, August 13th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.13. The company had revenue of $2.88 million for the quarter, compared to analyst estimates of $4.27 million. Opus Genetics had a negative return on equity of 384.33% and a negative net margin of 377.89%. Sell-side analysts expect that Opus Genetics will post -1.22 EPS for the current fiscal year.

Institutional Trading of Opus Genetics

Several large investors have recently modified their holdings of IRD. AWM Investment Company Inc. purchased a new position in shares of Opus Genetics during the 1st quarter worth approximately $515,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics during the first quarter worth $3,100,000. Mink Brook Asset Management LLC acquired a new position in shares of Opus Genetics in the first quarter worth $795,000. BIOS Capital Management LP purchased a new stake in shares of Opus Genetics in the first quarter valued at $977,000. Finally, Kestra Private Wealth Services LLC purchased a new stake in shares of Opus Genetics in the first quarter valued at $47,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on IRD. Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a research report on Saturday, September 27th. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of Opus Genetics in a report on Friday, June 27th. Finally, Wall Street Zen raised Opus Genetics from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $7.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.