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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by equities researchers at Chardan Capital in a research note issued on Friday, Benzinga reports. They presently have a $16.00 price objective on the stock. Chardan Capital’s target price would suggest a potential upside of 248.43% from the company’s current price.

Other research analysts also recently issued research reports about the company. Citizens Jmp reaffirmed a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research note on Monday, June 15th. BTIG Research reaffirmed a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada lowered their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.92.

Opus Genetics Price Performance

IRD stock traded up $0.08 during midday trading on Friday, reaching $4.59. The company had a trading volume of 89,633 shares, compared to its average volume of 1,400,211. The company has a market capitalization of $379.53 million, a price-to-earnings ratio of -3.40 and a beta of 0.62. The stock has a 50 day moving average price of $4.34 and a 200-day moving average price of $4.41. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. As a group, research analysts anticipate that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Activity at Opus Genetics

In other news, CFO Robert Gagnon sold 28,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the transaction, the chief financial officer owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a 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, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. This represents a 0.54% 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. Insiders sold 57,331 shares of company stock valued at $213,749 in the last ninety days. 11.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Opaleye Management Inc. raised its holdings in Opus Genetics by 0.4% during the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after purchasing an additional 5,000 shares during the last quarter. Engineers Gate Manager LP bought a new position in Opus Genetics during the 2nd quarter worth approximately $50,000. Squarepoint Ops LLC bought a new position in Opus Genetics during the 2nd quarter worth approximately $1,360,000. Nantahala Capital Management LLC bought a new position in Opus Genetics during the 2nd quarter worth approximately $12,582,185. Finally, Empowered Funds LLC bought a new stake in Opus Genetics during the second quarter valued at $173,000. 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 (IRDs), a group of rare genetic disorders that can cause progressive vision loss or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics’ pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.