Opus Genetics (NASDAQ:IRD) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• Opus Genetics reported an earnings per share (EPS) of ($0.12), exceeding analysts' consensus estimates of ($0.25) by $0.13.
• In mid-day trading, shares of Opus Genetics were down 0.9%, with the stock priced at $1.10, compared to a 52-week range of $0.65 to $1.75.
• Royal Bank of Canada purchased a new stake in Opus Genetics, acquiring 304,123 shares valued at approximately $299,000.

Opus Genetics (NASDAQ:IRD - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.13, Zacks reports. Opus Genetics had a negative net margin of 377.89% and a negative return on equity of 384.33%. The company had revenue of $2.88 million during the quarter, compared to analysts' expectations of $4.27 million.

Opus Genetics Trading Down 3.7%

NASDAQ IRD traded down $0.05 during trading hours on Monday, reaching $1.16. The company had a trading volume of 111,617 shares, compared to its average volume of 550,345. The stock has a 50-day moving average of $1.06 and a 200 day moving average of $1.01. Opus Genetics has a 1-year low of $0.65 and a 1-year high of $1.75. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $69.20 million, a P/E ratio of -0.60 and a beta of 0.01.

Analysts Set New Price Targets

A number of research firms have commented on IRD. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of Opus Genetics in a research report on Friday, June 27th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Nantahala Capital Management LLC lifted its position in shares of Opus Genetics by 6.0% during the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock worth $3,152,000 after purchasing an additional 188,028 shares in the last quarter. Opaleye Management Inc. lifted its holdings in Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock worth $1,149,000 after buying an additional 45,000 shares in the last quarter. Mink Brook Asset Management LLC lifted its holdings in Opus Genetics by 47.8% during the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock worth $1,128,000 after buying an additional 387,536 shares in the last quarter. Royal Bank of Canada acquired a new stake in Opus Genetics during the 1st quarter worth approximately $299,000. Finally, Comerica Bank acquired a new stake in Opus Genetics during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 14.97% of the company's stock.

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.