Opus Genetics (NASDAQ:IRD) Stock Rating Reaffirmed as Buy by Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by research analysts at Chardan Capital in a research note issued on Friday, Benzinga reports. They presently have a $16.00 target price on the stock. Chardan Capital’s price target suggests a potential upside of 245.20% from the stock’s previous close.

IRD has been the subject of a number of other research reports. Guggenheim initiated coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 price objective for the company. BTIG Research reaffirmed a “buy” rating and set a $12.00 target price 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 dropped 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 reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and a consensus target price of $11.92.

Opus Genetics Trading Up 2.8%

Shares of Opus Genetics stock traded up $0.13 during trading hours on Friday, reaching $4.64. The stock had a trading volume of 203,411 shares, compared to its average volume of 1,400,687. The firm has a market capitalization of $383.08 million, a price-to-earnings ratio of -3.45 and a beta of 0.62. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The firm has a 50 day simple moving average of $4.34 and a two-hundred day simple moving average of $4.41.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Sell-side analysts forecast that Opus Genetics will post -0.99 EPS for the current year.

Insider Activity

In other news, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 28,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, the chief financial officer owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. This trade 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. In the last quarter, insiders have sold 57,331 shares of company stock valued at $213,749. 11.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Opus Genetics

Several large investors have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new position in Opus Genetics in the 2nd quarter valued at $50,000. Stoneridge Investment Partners LLC bought a new position in Opus Genetics in the 2nd quarter valued at $47,000. State of Wyoming bought a new position in Opus Genetics in the 2nd quarter valued at $65,000. The Manufacturers Life Insurance Company bought a new position in Opus Genetics in the 2nd quarter valued at $66,000. Finally, Empowered Funds LLC bought a new position in Opus Genetics in the 2nd quarter valued at $173,000. 14.97% of the stock is currently owned by institutional investors.

About Opus Genetics

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.