Chardan Capital Reaffirms “Buy” Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a report issued on Thursday, Benzinga reports. They currently have a $16.00 price target on the stock. Chardan Capital‘s target price would indicate a potential upside of 320.06% from the company’s previous close.

Several other analysts have also recently commented on the stock. Oppenheimer raised their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 9th. JonesTrading boosted their price target on shares of Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. BTIG Research reissued a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. Finally, Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.

Opus Genetics Price Performance

Shares of NASDAQ:IRD traded down $0.30 during trading on Thursday, reaching $3.81. The company had a trading volume of 580,056 shares, compared to its average volume of 1,430,477. Opus Genetics has a fifty-two week low of $1.70 and a fifty-two week high of $7.07. The stock’s fifty day moving average price is $4.52 and its 200 day moving average price is $4.38. The firm has a market capitalization of $314.81 million, a price-to-earnings ratio of -2.86 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, equities analysts anticipate that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In other Opus Genetics news, Director Fighting Blindness Foundation sold 556,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the sale, the director directly owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. The trade was a 14.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Robert Gagnon sold 28,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares in the company, valued at approximately $2,525,942.50. This trade represents a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 11.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanders Morris Harris LLC purchased a new position in Opus Genetics in the third quarter valued at about $58,000. Engineers Gate Manager LP acquired a new stake in shares of Opus Genetics during the 2nd quarter valued at approximately $50,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $47,000. State of Wyoming purchased a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $65,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Opus Genetics in the 2nd quarter worth approximately $66,000. 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 biotechnology company focused on developing gene therapies for inherited retinal diseases, a group of rare disorders that can cause progressive vision loss and blindness. The company’s research is centered on therapies intended to address the underlying genetic causes of these conditions rather than treating only their symptoms.

Opus Genetics is advancing an investigational pipeline of adeno-associated virus-based gene therapy candidates for diseases involving mutations in genes important to retinal function.