Opus Genetics (NASDAQ:IRD) Given Buy Rating at Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reiterated by Chardan Capital in a research note issued to investors on Thursday, Benzinga reports. They presently have a $16.00 price objective on the stock. Chardan Capital‘s target price points to a potential upside of 318.30% from the company’s current price.

Several other analysts have also recently weighed in on IRD. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. BTIG Research reiterated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. Royal Bank Of Canada reduced their price objective on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. One 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. Based on data from MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Stock Performance

Shares of IRD stock traded down $0.29 on Thursday, reaching $3.83. 613,822 shares of the company were exchanged, compared to its average volume of 1,430,477. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The company has a market cap of $316.14 million, a price-to-earnings ratio of -2.83 and a beta of 0.62. The business has a 50-day moving average price of $4.52 and a 200 day moving average price of $4.38.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. As a group, equities analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current year.

Insider Activity

In related news, Director Fighting Blindness Foundation sold 556,000 shares of the business’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 sale, the director owned 3,236,171 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert E. Gagnon sold 28,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total transaction of $127,120.00. Following the sale, the chief financial officer directly owned 556,375 shares in the company, valued at approximately $2,525,942.50. This represents a 4.79% decrease in their position. 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 owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRD. Miller Financial Services LLC lifted its stake in shares of Opus Genetics by 11.1% during the third 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 in the last quarter. Sanders Morris Harris LLC acquired a new stake in shares of Opus Genetics during the third quarter worth $58,000. Opaleye Management Inc. increased its holdings in shares of Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after acquiring an additional 5,000 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Opus Genetics in the 2nd quarter worth about $50,000. Finally, Squarepoint Ops LLC bought a new position in Opus Genetics in the 2nd quarter valued at about $1,360,000. 14.97% of the stock is currently owned by hedge funds and other 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.