Wall Street Zen Upgrades Opus Genetics (NASDAQ:IRD) to “Hold”

Opus Genetics (NASDAQ:IRD) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other brokerages have also recently weighed in on IRD. B. Riley started coverage on Opus Genetics in a research note on Wednesday, December 10th. They set a “buy” rating and a $9.00 price objective on the stock. Brookline Capital Management raised shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Chardan Capital restated a “buy” rating and set a $9.00 price target on shares of Opus Genetics in a report on Thursday, November 13th. Piper Sandler began coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 price objective for the company. Finally, Wedbush began coverage on shares of Opus Genetics in a research report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.86.

Opus Genetics Price Performance

IRD stock opened at $2.10 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23. The business has a 50-day simple moving average of $2.06 and a two-hundred day simple moving average of $1.68. The company has a market capitalization of $144.82 million, a P/E ratio of -1.12 and a beta of 0.41. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.59.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.02. The firm had revenue of $3.08 million during the quarter, compared to the consensus estimate of $3.07 million. Opus Genetics had a negative return on equity of 697.94% and a negative net margin of 466.09%. Research analysts expect that Opus Genetics will post -1.22 EPS for the current fiscal year.

Insider Activity at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 4,000,000 shares of Opus Genetics stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $2.15, for a total value of $8,600,000.00. Following the sale, the director owned 5,492,171 shares of the company’s stock, valued at approximately $11,808,167.65. The trade was a 42.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Cam Gallagher acquired 83,000 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was purchased at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the purchase, the director owned 83,000 shares of the company’s stock, valued at $163,510. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.60% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Several large investors have recently added to or reduced their stakes in IRD. Voss Capital LP lifted its holdings in Opus Genetics by 3.9% during the third quarter. Voss Capital LP now owns 562,377 shares of the company’s stock valued at $928,000 after purchasing an additional 21,218 shares during the last quarter. Mink Brook Asset Management LLC raised its position in shares of Opus Genetics by 3.4% in the third quarter. Mink Brook Asset Management LLC now owns 1,237,947 shares of the company’s stock valued at $2,043,000 after purchasing an additional 40,331 shares during the period. Citadel Advisors LLC lifted its stake in shares of Opus Genetics by 496.9% during the 3rd quarter. Citadel Advisors LLC now owns 113,416 shares of the company’s stock valued at $187,000 after buying an additional 94,416 shares in the last quarter. Creative Planning purchased a new stake in shares of Opus Genetics during the 3rd quarter valued at approximately $212,000. Finally, Raymond James Financial Inc. boosted its holdings in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after buying an additional 11,000 shares during the period. Hedge funds and other institutional investors 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.