Analysts Set Opus Genetics, Inc. (NASDAQ:IRD) Price Target at $9.25

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have earned an average recommendation of “Moderate Buy” from the eleven research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $9.3333.

IRD has been the topic of a number of recent analyst reports. Oppenheimer initiated coverage on shares of Opus Genetics in a research note on Monday, March 16th. They set an “outperform” rating and a $10.00 price target on the stock. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, March 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, January 22nd. BTIG Research upped their target price on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Finally, Piper Sandler initiated coverage on Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 target price for the company.

Opus Genetics Stock Down 4.1%

Shares of Opus Genetics stock opened at $4.39 on Friday. The company has a 50 day moving average price of $3.46 and a 200 day moving average price of $2.45. The firm has a market capitalization of $312.35 million, a P/E ratio of -5.35 and a beta of 0.45. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $5.30.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 24,438 shares of the firm’s stock in a transaction dated 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. This trade represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Cam Gallagher acquired 83,000 shares of Opus Genetics stock in a transaction dated Monday, December 29th. The stock was purchased at an average price of $1.97 per share, with a total value of $163,510.00. Following the completion of the purchase, the director owned 83,000 shares of the company’s stock, valued at approximately $163,510. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 34,692 shares of company stock worth $180,672 over the last three months. Corporate insiders own 6.60% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. acquired a new stake in shares of Opus Genetics in the fourth quarter worth $5,463,000. BIOS Capital Management LP lifted its position in Opus Genetics by 270.1% during the second quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock valued at $3,462,000 after purchasing an additional 2,688,180 shares during the period. Millennium Management LLC acquired a new position in Opus Genetics during the fourth quarter valued at $4,025,000. Nantahala Capital Management LLC boosted its holdings in Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares during the last quarter. Finally, Mink Brook Asset Management LLC boosted its holdings in Opus Genetics by 34.5% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after purchasing an additional 427,684 shares during the last quarter. 14.97% of the stock is owned by hedge funds and other institutional investors.

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.