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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reissued by research analysts at Chardan Capital in a research report issued on Friday, Benzinga reports. They currently have a $16.00 price target on the stock. Chardan Capital’s target price would suggest a potential upside of 254.77% from the company’s previous close.

IRD has been the subject of several other reports. Oppenheimer lifted their target price on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. BTIG Research reiterated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a report on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research report 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. Finally, Guggenheim initiated coverage on Opus Genetics in a report on Thursday, June 4th. They set a “buy” rating and a $16.00 price objective on the stock. 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $11.92.

Opus Genetics Stock Performance

Shares of NASDAQ IRD opened at $4.51 on Friday. Opus Genetics has a fifty-two week low of $1.70 and a fifty-two week high of $7.07. The company has a market cap of $372.75 million, a price-to-earnings ratio of -3.34 and a beta of 0.62. The business’s 50 day moving average price is $4.34 and its 200-day moving average price is $4.41.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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. Sell-side analysts predict that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Transactions at Opus Genetics

In related news, CFO Robert 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 completion of the transaction, the chief financial officer owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. This represents a 4.79% decrease in their position. The transaction was disclosed in a document filed 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, CEO George Magrath sold 9,475 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% 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. Insiders sold a total of 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Stoneridge Investment Partners LLC acquired a new stake in Opus Genetics in the 2nd quarter valued at $47,000. Engineers Gate Manager LP acquired a new position in Opus Genetics during the second quarter worth $50,000. State of Wyoming acquired a new position in Opus Genetics during the second quarter worth $65,000. The Manufacturers Life Insurance Company purchased a new position in Opus Genetics during the second quarter valued at $66,000. Finally, Regency Capital Management Inc. DE purchased a new position in Opus Genetics during the fourth quarter valued at $92,000. Hedge funds and other 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.