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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by investment 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 target price points to a potential upside of 311.73% from the stock’s current price.

Several other research firms have also weighed in on IRD. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. JonesTrading boosted their target price on shares of Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 6th. Royal Bank Of Canada cut their target price 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. BTIG Research reaffirmed a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. One equities 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 company’s stock. According to MarketBeat.com, Opus Genetics has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Opus Genetics Price Performance

Shares of NASDAQ:IRD traded down $0.22 on Thursday, reaching $3.89. The company’s stock had a trading volume of 478,427 shares, compared to its average volume of 1,429,927. The stock has a market capitalization of $321.18 million, a P/E ratio of -2.88 and a beta of 0.62. Opus Genetics has a 52-week low of $1.70 and a 52-week high of $7.07. The stock’s 50-day moving average is $4.52 and its two-hundred day moving average is $4.38.

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

Insider Buying and Selling

In other news, Director Fighting Blindness Foundation sold 556,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director directly owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This represents a 14.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert E. Gagnon sold 28,000 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the transaction, the chief financial officer directly owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This trade represents a 4.79% decrease in their position. 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. Company insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several institutional investors and hedge funds have recently bought and sold shares of IRD. Miller Financial Services LLC grew its position in shares of Opus Genetics by 11.1% in the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after acquiring an additional 3,000 shares during the period. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics during the 3rd quarter worth approximately $58,000. Opaleye Management Inc. raised its holdings in Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after acquiring an additional 5,000 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Opus Genetics during the second quarter worth about $50,000. Finally, Squarepoint Ops LLC acquired a new position in Opus Genetics during the second quarter valued at approximately $1,360,000. Institutional investors 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, 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.