Opus Genetics (NASDAQ:IRD – Get Free Report) was upgraded by investment analysts at Guggenheim to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.
A number of other analysts have also recently commented on IRD. Cantor Fitzgerald started coverage on Opus Genetics in a research report on Monday, March 30th. They set an “overweight” rating and a $15.00 target price on the stock. Wedbush increased their price objective on Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Thursday, March 12th. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Wall Street Zen cut shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Oppenheimer started coverage on shares of Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.
Read Our Latest Stock Analysis on Opus Genetics
Opus Genetics Trading Up 10.5%
Opus Genetics (NASDAQ:IRD – Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The company had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. On average, analysts forecast that Opus Genetics will post -0.97 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CEO George Magrath sold 24,438 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $5.21, for a total transaction of $127,321.98. Following the transaction, the chief executive officer directly owned 1,750,855 shares in the company, valued at $9,121,954.55. The trade was a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the transaction, the insider directly owned 509,233 shares of the company’s stock, valued at $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. 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. Insiders sold a total of 1,773,395 shares of company stock worth $7,777,278 in the last ninety days. 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 business. Seven Fleet Capital Management LP acquired a new stake in shares of Opus Genetics in the 1st quarter valued at approximately $611,000. Bank of America Corp DE grew its holdings in Opus Genetics by 2,965.6% during the first quarter. Bank of America Corp DE now owns 67,015 shares of the company’s stock worth $305,000 after acquiring an additional 64,829 shares during the period. ADAR1 Capital Management LLC raised its position in Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after acquiring an additional 1,809,004 shares in the last quarter. Regency Capital Management Inc. DE raised its position in Opus Genetics by 47.8% in the first quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company’s stock worth $309,000 after acquiring an additional 22,000 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Opus Genetics in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.
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.
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