Opus Genetics (IRD) Expected to Announce Earnings on Tuesday

Key Points

• Opus Genetics is set to announce earnings on August 12th, with analysts predicting an earnings loss of ($0.25) per share and revenue of $4.27 million.
• The company's previous quarter resulted in an earnings loss of ($0.32) per share, which was better than the expected ($0.34), alongside a revenue of $4.30 million, surpassing the $4.00 million forecast.
• Several analysts have upgraded their ratings on Opus Genetics, with HC Wainwright setting a price target of $8.00 while Royal Bank of Canada recently acquired a 0.67% stake in the company.

Opus Genetics (NASDAQ:IRD - Get Free Report) is expected to be releasing its earnings data before the market opens on Tuesday, August 12th. Analysts expect Opus Genetics to post earnings of ($0.25) per share and revenue of $4.27 million for the quarter.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.02. Opus Genetics had a negative return on equity of 283.28% and a negative net margin of 429.42%. The company had revenue of $4.30 million during the quarter, compared to analysts' expectations of $4.00 million. On average, analysts expect Opus Genetics to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

Opus Genetics Stock Performance

Shares of IRD traded up $0.02 during mid-day trading on Tuesday, hitting $1.10. The company's stock had a trading volume of 23,543 shares, compared to its average volume of 568,286. The stock's 50-day moving average is $1.04 and its two-hundred day moving average is $1.01. Opus Genetics has a one year low of $0.65 and a one year high of $1.86. The firm has a market capitalization of $65.33 million, a PE ratio of -0.52 and a beta of 0.01.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IRD shares. Wall Street Zen upgraded Opus Genetics from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. HC Wainwright reiterated a "buy" rating and set a $8.00 price objective on shares of Opus Genetics in a research note on Friday, June 27th. Finally, Craig Hallum initiated coverage on Opus Genetics in a research note on Friday, April 11th. They set a "buy" rating and a $6.00 price objective on the stock.

Hedge Funds Weigh In On Opus Genetics

A hedge fund recently bought a new stake in Opus Genetics stock. Royal Bank of Canada bought a new stake in shares of Opus Genetics, Inc. (NASDAQ:IRD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 304,123 shares of the company's stock, valued at approximately $299,000. Royal Bank of Canada owned about 0.67% of Opus Genetics as of its most recent SEC filing. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

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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