Opus Genetics (NASDAQ:IRD) Raised to “Strong-Buy” at Guggenheim

Opus Genetics (NASDAQ:IRD) was upgraded by Guggenheim to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other analysts also recently issued reports on the company. Oppenheimer started coverage on Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective on the stock. Citigroup began coverage on shares of Opus Genetics in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Wedbush upped their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, March 12th. Finally, Zacks Research lowered shares of Opus Genetics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.67.

Opus Genetics Trading Up 10.5%

Shares of Opus Genetics stock opened at $4.64 on Thursday. The company has a 50-day moving average of $4.85 and a two-hundred day moving average of $3.57. Opus Genetics has a 12-month low of $0.90 and a 12-month high of $5.81. The stock has a market cap of $377.68 million, a PE ratio of -3.49 and a beta of 0.56.

Opus Genetics (NASDAQ:IRD) last announced 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). The firm had revenue of $2.16 million during the quarter, compared to analysts’ expectations of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. On average, sell-side analysts forecast that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ashwath Jayagopal sold 7,542 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.19, for a total transaction of $39,142.98. Following the completion of the transaction, the insider owned 509,233 shares of the company’s stock, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,511 shares of Opus Genetics stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total transaction of $49,647.42. Following the completion of the transaction, the chief executive officer owned 1,741,344 shares in the company, valued at approximately $9,089,815.68. This trade represents a 0.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 1,773,395 shares of company stock valued at $7,777,278. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IRD. Occudo Quantitative Strategies LP purchased a new position in shares of Opus Genetics in the 4th quarter valued at $25,000. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter worth $29,000. Virtu Financial LLC purchased a new stake in Opus Genetics during the 4th quarter worth $34,000. Raymond James Financial Inc. increased 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 valued at $37,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new position in shares of Opus Genetics during the fourth quarter worth about $40,000. 14.97% of the stock is 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.