Opus Genetics (NASDAQ:IRD) Trading Up 1.8% – Still a Buy?

Opus Genetics, Inc. (NASDAQ:IRD)’s share price was up 1.8% during mid-day trading on Tuesday . The stock traded as high as $1.21 and last traded at $1.15. Approximately 131,671 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 204,798 shares. The stock had previously closed at $1.13.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a report on Thursday, December 12th.

Opus Genetics Price Performance

The stock has a market capitalization of $36.31 million, a price-to-earnings ratio of -1.06 and a beta of 0.16. The business’s fifty day simple moving average is $1.13.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Tuesday, November 12th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.01. Opus Genetics had a negative return on equity of 63.65% and a negative net margin of 324.45%. The company had revenue of $3.87 million during the quarter, compared to the consensus estimate of $1.17 million. As a group, sell-side analysts expect that Opus Genetics, Inc. will post -1.22 EPS for the current year.

Insider Buying and Selling

In other news, CEO George Magrath acquired 100,000 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were purchased at an average price of $0.98 per share, for a total transaction of $98,000.00. Following the completion of the purchase, the chief executive officer now directly owns 599,150 shares of the company’s stock, valued at $587,167. This represents a 20.03 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders purchased 200,000 shares of company stock worth $199,097. Insiders own 6.60% 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.