Opus Genetics (NASDAQ:IRD) Stock Keeps “Buy” Rating at Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued to investors on Thursday, Benzinga reports. They currently have a $16.00 price objective on the stock. Chardan Capital‘s price target points to a potential upside of 318.85% from the company’s current price.

A number of other brokerages also recently weighed in on IRD. Wedbush raised their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a research report on Thursday, September 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. JonesTrading lifted their target price on Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. BTIG Research reiterated a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, TD Cowen started coverage on Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating for the company. One investment 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 given a Sell rating to the company. Based on data from MarketBeat, Opus Genetics presently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Stock Performance

Shares of IRD traded down $0.29 during mid-day trading on Thursday, hitting $3.82. 894,054 shares of the company traded hands, compared to its average volume of 1,432,110. The stock has a 50-day moving average price of $4.52 and a two-hundred day moving average price of $4.37. The stock has a market cap of $315.72 million, a price-to-earnings ratio of -2.83 and a beta of 0.62. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07.

Opus Genetics (NASDAQ:IRD) last posted 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 business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. On average, analysts forecast that Opus Genetics will post -0.97 EPS for the current year.

Insiders Place Their Bets

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 stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Gagnon sold 28,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the sale, the chief financial officer owned 556,375 shares in the company, valued at $2,525,942.50. This represents a 4.79% 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 own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several large investors have recently bought and sold shares of IRD. Miller Financial Services LLC increased its holdings in Opus Genetics by 11.1% during the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock worth $145,000 after purchasing an additional 3,000 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in Opus Genetics during the 3rd quarter worth $58,000. Opaleye Management Inc. lifted its holdings in shares of Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after buying an additional 5,000 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Opus Genetics in the second quarter valued at $50,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Opus Genetics during the second quarter worth $1,360,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Company Profile

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.