Opus Genetics (NASDAQ:IRD) Hits New 12-Month High - Here's What Happened

Key Points

• Opus Genetics shares surged 37.7%, reaching a new 52-week high and trading as high as $6.55, with unusually heavy volume of more than 10.9 million shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $10.69; several firms have issued “Buy” or “Outperform” ratings.
• The company exceeded quarterly EPS expectations, reporting a loss of $0.14 per share versus estimates of $0.16, but revenue of $0.76 million fell well short of the $2.63 million forecast and profitability remained deeply negative.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $6.55 and last traded at $6.8370, with a volume of 10921380 shares trading hands. The stock had previously closed at $4.34.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IRD. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a research note on Sunday, August 16th. Guggenheim initiated coverage on shares of Opus Genetics in a research note on Thursday, June 4th. They issued a "buy" rating and a $16.00 price target on the stock. TD Cowen assumed coverage on Opus Genetics in a research note on Wednesday, July 29th. They set a "buy" rating on the stock. BTIG Research reissued a "buy" rating and set a $12.00 target price on shares of Opus Genetics in a research note on Monday, July 6th. Finally, Leerink Partners assumed coverage on shares of Opus Genetics in a report on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $10.69.

Opus Genetics Trading Up 37.7%

The business has a 50 day moving average price of $3.79 and a 200-day moving average price of $4.29. The firm has a market capitalization of $493.83 million, a PE ratio of -4.44 and a beta of 0.58.

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 for the quarter, topping analysts' consensus estimates of ($0.16) by $0.02. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The business had revenue of $0.76 million for the quarter, compared to analysts' expectations of $2.63 million. On average, equities research analysts forecast that Opus Genetics, Inc. will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares of the company's stock, valued at $5,109,013.55. The trade was a 0.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 28,000 shares of Opus Genetics stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer owned 556,375 shares of the company's stock, valued at approximately $2,525,942.50. The trade was a 4.79% 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. Insiders have sold a total of 57,331 shares of company stock valued at $213,749 in the last ninety days. Corporate insiders own 11.70% of the company's stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently added to or reduced their stakes in the business. Comerica Bank purchased a new position in shares of Opus Genetics during the 1st quarter worth about $29,000. Royal Bank of Canada purchased a new position in Opus Genetics in the first quarter valued at about $299,000. Nantahala Capital Management LLC lifted its position in Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock worth $3,152,000 after acquiring an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC boosted its stake in shares of Opus Genetics by 47.8% in 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. Finally, Opaleye Management Inc. grew its stake in Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock valued at $1,149,000 after purchasing an additional 45,000 shares in the last quarter. 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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