Opus Genetics (NASDAQ:IRD) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Opus Genetics from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy,” with 15 Buy, one Strong Buy, and two Sell ratings and an average price target of $10.69.
• Opus Genetics shares opened at $3.66, compared with a 12-month range of $1.04 to $5.81. The company posted a quarterly loss of $0.14 per share, beating estimates, but revenue of $0.76 million fell well short of the $2.63 million consensus.
• Insiders sold substantial shares in the latest quarter, totaling about $7.48 million, including a 1.7 million-share sale by the Fighting Blindness Foundation; institutional investors own 14.97% of the company.

Opus Genetics (NASDAQ:IRD - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also weighed in on the stock. Guggenheim started coverage on shares of Opus Genetics in a research note on Thursday, June 4th. They set a "buy" rating and a $16.00 target price on the stock. HC Wainwright reiterated a "buy" rating and set a $8.00 price target on shares of Opus Genetics in a report on Wednesday, June 17th. TD Cowen assumed coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They set a "buy" rating for the company. Leerink Partners began coverage on shares of Opus Genetics in a research report on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price objective on the stock. Finally, B. Riley Financial restated a "buy" rating on shares of Opus Genetics in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.69.

Opus Genetics Price Performance

IRD opened at $3.66 on Friday. The business has a fifty day moving average price of $3.81 and a 200 day moving average price of $4.11. Opus Genetics has a 12 month low of $1.04 and a 12 month high of $5.81. The stock has a market capitalization of $302.21 million, a price-to-earnings ratio of -2.71 and a beta of 0.59.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. On average, research analysts anticipate that Opus Genetics will post -1.1 earnings per share for the current year.

Insider Transactions at Opus Genetics

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $4.35, for a total value of $7,395,000.00. Following the transaction, the director owned 3,792,171 shares in the company, valued at approximately $16,495,943.85. This represents a 30.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO George Magrath sold 9,475 shares of the firm's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the sale, the chief executive officer directly owned 1,731,869 shares in the company, valued at $5,109,013.55. This trade represents a 0.54% 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 quarter, insiders sold 1,729,331 shares of company stock worth $7,481,629. Company insiders own 11.70% of the company's stock.

Institutional Trading of Opus Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ADAR1 Capital Management LLC lifted its position in shares of Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock worth $8,413,000 after buying an additional 1,809,004 shares during the last quarter. Regency Capital Management Inc. DE boosted its holdings in shares of Opus Genetics by 47.8% in the 1st quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company's stock valued at $309,000 after buying an additional 22,000 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc purchased a new position in shares of Opus Genetics in the 4th quarter valued at $157,000. BlackRock Inc. purchased a new position in shares of Opus Genetics in the 2nd quarter valued at $12,809,000. Finally, Deutsche Bank AG acquired a new stake in Opus Genetics during the 2nd quarter worth $219,000. Institutional investors and hedge funds own 14.97% of the company's stock.

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.

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