Opus Genetics (NASDAQ:IRD) Stock Price Expected to Rise, Chardan Capital Analyst Says

Opus Genetics (NASDAQ:IRD) had its price objective increased by investment analysts at Chardan Capital from $9.00 to $11.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Chardan Capital’s target price would suggest a potential upside of 119.56% from the company’s current price.

IRD has been the subject of a number of other reports. B. Riley Financial began coverage on shares of Opus Genetics in a research report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price target for the company. Piper Sandler initiated coverage on shares of Opus Genetics in a research note on Tuesday, November 25th. They issued an “overweight” rating and a $7.00 target price for the company. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, March 1st. Brookline Capital Acquisition upgraded shares of Opus Genetics to a “strong-buy” rating in a research note on Monday, December 1st. Finally, BTIG Research boosted their target price on shares of Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $9.25.

Opus Genetics Trading Up 3.3%

Opus Genetics stock opened at $5.01 on Thursday. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $5.30. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.23 and a current ratio of 1.23. The firm has a market capitalization of $345.49 million, a price-to-earnings ratio of -6.11 and a beta of 0.45. The company has a 50 day moving average price of $3.07 and a 200 day moving average price of $2.28.

Insider Activity at Opus Genetics

In other Opus Genetics news, Director Cam Gallagher purchased 83,000 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were acquired at an average cost of $1.97 per share, for a total transaction of $163,510.00. Following the transaction, the director directly owned 83,000 shares in the company, valued at approximately $163,510. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 6.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Opus Genetics

Hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of Opus Genetics during the fourth quarter valued at approximately $34,000. Occudo Quantitative Strategies LP bought a new position in Opus Genetics in the fourth quarter valued at about $25,000. Opaleye Management Inc. boosted its holdings in Opus Genetics by 1.8% in the fourth quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock valued at $2,251,000 after acquiring an additional 20,000 shares during the last quarter. Millennium Management LLC acquired a new stake in Opus Genetics in the fourth quarter worth about $4,025,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Opus Genetics in the fourth quarter worth about $5,463,000. Institutional investors own 14.97% of the company’s stock.

Opus Genetics Company Profile

Opus Genetics Inc is a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. Opus Genetics Inc, formerly known as Ocuphire Pharma Inc, is based in Farmington Hills, Michigan.