Opus Genetics (NASDAQ:IRD) Earns “Buy” Rating from Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by stock analysts at Chardan Capital in a research report issued on Thursday, Benzinga reports. They presently have a $16.00 target price on the stock. Chardan Capital‘s target price would indicate a potential upside of 361.36% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. TD Cowen started coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They set a “buy” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research report on Wednesday, September 9th. Citizens Jmp restated a “market outperform” rating and set a $17.00 price target on shares of Opus Genetics in a research note on Friday, October 16th. Finally, Wedbush upped their price target on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Stock Down 9.2%

NASDAQ IRD traded down $0.35 during trading on Thursday, hitting $3.47. The company’s stock had a trading volume of 869,021 shares, compared to its average volume of 1,429,114. Opus Genetics has a 52 week low of $1.70 and a 52 week high of $7.07. The firm has a market cap of $286.63 million, a P/E ratio of -2.57 and a beta of 0.62. The firm has a 50 day moving average price of $4.52 and a 200 day moving average price of $4.37.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating 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, equities analysts expect that Opus Genetics will post -0.97 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Robert E. Gagnon sold 28,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, the chief financial officer owned 556,375 shares of the company’s stock, valued at $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 556,000 shares of the company’s stock in a transaction dated 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 completion of 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 SEC filing for this sale provides additional information. Corporate insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

Institutional investors have recently added to or reduced their stakes in the stock. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics in the 3rd quarter worth approximately $58,000. Engineers Gate Manager LP acquired a new stake in Opus Genetics in the 2nd quarter valued at $50,000. Stoneridge Investment Partners LLC bought a new stake in Opus Genetics in the second quarter valued at $47,000. State of Wyoming bought a new stake in Opus Genetics in the second quarter valued at $65,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Opus Genetics in the second quarter valued at $66,000. 14.97% of the stock is 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 (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.