Opus Genetics, Inc. (NASDAQ:IRD) Receives $10.11 Consensus Target Price from Brokerages

Shares of Opus Genetics, Inc. (NASDAQ:IRD) have received a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $10.1111.

Several equities analysts have recently issued reports on the company. Craig Hallum set a $9.00 price objective on Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Oppenheimer assumed coverage on Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 price objective for the company. Cantor Fitzgerald assumed coverage on Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 price objective for the company. Wedbush boosted their price objective on Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, March 12th. Finally, BTIG Research boosted their price objective on Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd.

Opus Genetics Trading Up 3.9%

Shares of NASDAQ IRD opened at $5.57 on Thursday. The stock has a 50 day simple moving average of $4.23 and a 200-day simple moving average of $2.84. The company has a market cap of $396.30 million, a PE ratio of -6.79 and a beta of 0.52. Opus Genetics has a 12-month low of $0.70 and a 12-month high of $5.75.

Insider Activity

In other news, CEO George Magrath sold 24,438 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $5.21, for a total transaction 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 approximately $9,121,954.55. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 34,692 shares of company stock worth $180,672 in the last three months. Insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in the company. Blair William & Co. IL lifted its position in Opus Genetics by 12.3% in the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock worth $55,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Inc. lifted its position in Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after purchasing an additional 11,000 shares during the period. Occudo Quantitative Strategies LP acquired a new stake in Opus Genetics in the fourth quarter worth approximately $25,000. Virtu Financial LLC acquired a new stake in Opus Genetics in the fourth quarter worth approximately $34,000. Finally, Johnson Investment Counsel Inc. acquired a new stake in Opus Genetics in the fourth quarter worth approximately $40,000. 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.