Opus Genetics’ (IRD) “Buy” Rating Reiterated at Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reissued by stock analysts at Chardan Capital in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 price objective on the stock. Chardan Capital‘s price target indicates a potential upside of 340.17% from the stock’s previous close.

IRD has been the subject of several other reports. TD Cowen started coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating for the company. Royal Bank Of Canada dropped their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Citizens Jmp reaffirmed a “market outperform” rating and set a $17.00 price objective on shares of Opus Genetics in a research note on Friday, October 16th. Wedbush lifted their price objective on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, September 10th. Finally, BTIG Research reaffirmed a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Opus Genetics has a consensus rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Trading Down 4.8%

Shares of IRD stock traded down $0.19 on Thursday, reaching $3.64. The company’s stock had a trading volume of 224,417 shares, compared to its average volume of 1,425,692. The stock’s fifty day simple moving average is $4.52 and its 200-day simple moving average is $4.37. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The company has a market capitalization of $300.43 million, a price-to-earnings ratio of -2.65 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last posted its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Equities research analysts forecast that Opus Genetics will post -0.97 earnings per share for the current year.

Insider Buying and Selling at Opus Genetics

In other news, CFO Robert E. Gagnon sold 28,000 shares of Opus Genetics 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 Opus Genetics stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total value of $2,757,760.00. Following the sale, the director owned 3,236,171 shares of the company’s stock, valued at approximately $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.70% of the stock is currently owned by company insiders.

Institutional Trading of Opus Genetics

Institutional investors and hedge funds have recently made changes to their positions in the business. Sanders Morris Harris LLC bought a new stake in shares of Opus Genetics during the third quarter worth $58,000. Engineers Gate Manager LP bought a new stake in shares of Opus Genetics during the second quarter worth $50,000. Stoneridge Investment Partners LLC bought a new stake in shares of Opus Genetics during the second quarter worth $47,000. State of Wyoming bought a new stake in shares of Opus Genetics during the second quarter worth $65,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Opus Genetics during the second quarter worth $66,000. 14.97% of the stock is currently owned by institutional investors.

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.