Opus Genetics (NASDAQ:IRD) Now Covered by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage with an "overweight" rating and a $15 price target, implying roughly a 244.83% upside from the stock's current level.
• Analyst consensus is a "Moderate Buy" with an average price target of $9.90; the tally shows 1 Strong Buy, 10 Buy and 1 Sell rating.
• CEO George Magrath sold 24,438 shares at $5.21 and insiders sold 34,692 shares in the quarter (insiders own 6.60%); IRD trades near $4.35 with a market cap of $309.5M and a 12‑month range of $0.65–$5.30.

Research analysts at Cantor Fitzgerald assumed coverage on shares of Opus Genetics (NASDAQ:IRD - Get Free Report) in a research report issued on Monday,Benzinga reports. The firm set an "overweight" rating and a $15.00 price target on the stock. Cantor Fitzgerald's price objective points to a potential upside of 244.83% from the stock's current price.

Several other analysts also recently weighed in on the company. B. Riley Financial started coverage on Opus Genetics in a research note on Wednesday, December 10th. They set a "buy" rating and a $9.00 target price for the company. raised Opus Genetics to a "strong-buy" rating in a research report on Monday, December 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a research note on Thursday, January 22nd. Craig Hallum set a $9.00 price objective on Opus Genetics and gave the company a "buy" rating in a research note on Wednesday, March 11th. Finally, Wall Street Zen upgraded Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, March 1st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Opus Genetics currently has an average rating of "Moderate Buy" and an average price target of $9.90.

Opus Genetics Stock Performance

Shares of IRD stock opened at $4.35 on Monday. The company has a market capitalization of $309.50 million, a PE ratio of -5.30 and a beta of 0.44. The firm has a fifty day simple moving average of $3.70 and a 200-day simple moving average of $2.58. Opus Genetics has a twelve month low of $0.65 and a twelve month high of $5.30.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 24,438 shares of Opus Genetics stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $5.21, for a total value of $127,321.98. Following the completion of the transaction, the chief executive officer directly owned 1,750,855 shares in the company, valued at $9,121,954.55. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 34,692 shares of company stock valued at $180,672 over the last quarter. Company insiders own 6.60% of the company's stock.

Hedge Funds Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank acquired a new stake in Opus Genetics in the 1st quarter valued at approximately $29,000. Royal Bank of Canada acquired a new position in Opus Genetics during the 1st quarter worth $299,000. Voss Capital LP boosted its position in Opus Genetics by 260.8% during the 2nd quarter. Voss Capital LP now owns 541,159 shares of the company's stock worth $510,000 after acquiring an additional 391,159 shares during the period. Nantahala Capital Management LLC grew its stake in shares of Opus Genetics by 6.0% in 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. Finally, Mink Brook Asset Management LLC increased its holdings in shares of Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock valued at $1,128,000 after purchasing an additional 387,536 shares during the period. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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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