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

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

Other analysts have also issued reports about the company. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, September 26th. TD Cowen began coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating on the stock. Guggenheim started coverage on shares of Opus Genetics in a research report on Thursday, June 4th. They issued a “buy” rating and a $16.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. Finally, Oppenheimer upped their price objective on shares of Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and an average price target of $11.92.

Opus Genetics Stock Down 6.8%

Shares of NASDAQ IRD opened at $4.51 on Friday. The firm has a market cap of $372.75 million, a price-to-earnings ratio of -3.34 and a beta of 0.62. The company’s 50-day simple moving average is $4.34 and its 200-day simple moving average is $4.41. Opus Genetics has a 52-week low of $1.70 and a 52-week high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share 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 analysts’ expectations of $2.63 million. Equities research analysts anticipate that Opus Genetics will post -0.99 EPS for the current fiscal year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer directly owned 1,731,869 shares in the company, valued at $5,109,013.55. The trade was a 0.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Gagnon sold 28,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer directly 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. 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 have sold 57,331 shares of company stock worth $213,749 over the last ninety days. 11.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Opus Genetics

Several large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP purchased a new position in shares of Opus Genetics during the second quarter worth $50,000. Stoneridge Investment Partners LLC purchased a new position in Opus Genetics during the 2nd quarter valued at about $47,000. State of Wyoming acquired a new position in Opus Genetics in the 2nd quarter valued at about $65,000. The Manufacturers Life Insurance Company purchased a new stake in Opus Genetics during the second quarter worth about $66,000. Finally, Empowered Funds LLC purchased a new stake in Opus Genetics during the second quarter worth about $173,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.