Opus Genetics (NASDAQ:IRD) Announces Quarterly Earnings Results

Opus Genetics (NASDAQ:IRD) posted its quarterly earnings results on Tuesday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.11), FiscalAI reports. The firm had revenue of $3.08 million for the quarter. Opus Genetics had a negative return on equity of 384.33% and a negative net margin of 377.89%.

Opus Genetics Trading Down 3.3%

Shares of Opus Genetics stock traded down $0.07 during trading hours on Wednesday, reaching $1.91. 284,193 shares of the company’s stock were exchanged, compared to its average volume of 512,705. Opus Genetics has a 52-week low of $0.65 and a 52-week high of $2.37. The firm has a market capitalization of $123.83 million, a price-to-earnings ratio of -0.99 and a beta of 0.16. The company has a fifty day moving average of $1.80 and a 200-day moving average of $1.31. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.06.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wedbush began coverage on Opus Genetics in a report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research note on Wednesday, October 8th. Finally, Chardan Capital reiterated a “buy” rating and issued a $9.00 price objective on shares of Opus Genetics in a research note on Friday, November 7th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.80.

Hedge Funds Weigh In On Opus Genetics

Several institutional investors have recently added to or reduced their stakes in the business. Nantahala Capital Management LLC grew its holdings in Opus Genetics by 6.0% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock valued at $3,152,000 after buying an additional 188,028 shares during the period. Vanguard Group Inc. boosted its position in shares of Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock worth $2,214,000 after acquiring an additional 349,825 shares during the last quarter. Opaleye Management Inc. grew its holdings in Opus Genetics by 3.8% in the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock valued at $1,149,000 after purchasing an additional 45,000 shares during the period. Mink Brook Asset Management LLC increased its position in Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after purchasing an additional 387,536 shares during the last quarter. Finally, Royal Bank of Canada purchased a new position in Opus Genetics during the first quarter worth approximately $299,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.