Opus Genetics (NASDAQ:IRD) Coverage Initiated at Leerink Partners

Equities researchers at Leerink Partners started coverage on shares of Opus Genetics (NASDAQ:IRD) in a research note issued on Thursday, MarketBeat.com reports. The firm set an “outperform” rating and a $10.00 price target on the stock. Leerink Partners’ price target indicates a potential upside of 125.23% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Zacks Research downgraded Opus Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Chardan Capital increased their price target on shares of Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Oppenheimer initiated coverage on Opus Genetics in a research note on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective on the stock. Finally, Wedbush boosted their target price on shares of Opus Genetics from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.18.

Opus Genetics Stock Up 4.2%

Shares of IRD stock opened at $4.44 on Thursday. The stock has a 50-day simple moving average of $4.97 and a 200 day simple moving average of $3.40. The stock has a market capitalization of $361.42 million, a P/E ratio of -3.34 and a beta of 0.62. Opus Genetics has a fifty-two week low of $0.90 and a fifty-two week high of $5.81.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. On average, sell-side analysts anticipate that Opus Genetics will post -1 earnings per share for the current year.

Insider Activity at Opus Genetics

In other news, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the sale, the chief financial officer directly owned 592,158 shares in the company, valued at approximately $3,067,378.44. This represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total value of $39,142.98. Following the completion of the sale, the insider owned 509,233 shares in the company, valued at $2,642,919.27. This trade represents a 1.46% decrease in their ownership of the stock. 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 ninety days, insiders sold 1,773,395 shares of company stock valued at $7,777,278. Corporate insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several large investors have recently made changes to their positions in IRD. Blair William & Co. IL raised its holdings in shares of Opus Genetics by 12.3% in the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after buying an additional 3,000 shares during the last quarter. Raymond James Financial Inc. grew its holdings in Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics during the 4th quarter worth about $25,000. Virtu Financial LLC acquired a new stake in Opus Genetics in the 4th quarter valued at about $34,000. Finally, Johnson Investment Counsel Inc. acquired a new stake in Opus Genetics in the 4th quarter valued at about $40,000. 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.