by "regular" you probably mean 8.33s and 5.88s guns, which do low damage per hit.
might I add that this missile is also useless for adding into your loadout because you're losing dps and adding in a missile that you'll have to hit each time you want to do damage to effectively do maximum dps.
Though I like the concept for having radius of the explosion, it punishes the player for getting hit so much with a missile by just making him combat ineffective. Though for that to be not OP you'll have to reduce the speed and ammo count.