Chardan Capital Reaffirms "Buy" Rating for Opus Genetics (NASDAQ:IRD)

Key Points

• Chardan Capital reaffirmed its “Buy” rating on Opus Genetics and maintained a $13 price target, implying approximately 199.5% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with an average target of $10.69.
• Opus Genetics shares opened at $4.34 after declining 7.1%; the company has a market capitalization of about $358.7 million and trades near the midpoint of its 12-month range.
• The clinical-stage ophthalmic biotech reported a quarterly loss of $0.14 per share, beating estimates, but revenue of $0.76 million fell well short of the $2.63 million consensus. The company remains significantly unprofitable, with a negative net margin exceeding 1,000%.

Opus Genetics (NASDAQ:IRD - Get Free Report)'s stock had its "buy" rating reiterated by Chardan Capital in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $13.00 price objective on the stock. Chardan Capital's price target indicates a potential upside of 199.54% from the stock's previous close.

IRD has been the subject of a number of other research reports. Royal Bank Of Canada reduced their price objective 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. Zacks Research upgraded Opus Genetics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. TD Cowen began coverage on Opus Genetics in a report on Wednesday, July 29th. They set a "buy" rating for the company. Guggenheim initiated coverage on Opus Genetics in a report on Thursday, June 4th. They issued a "buy" rating and a $16.00 price target for the company. Finally, BTIG Research reiterated a "buy" rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.69.

Opus Genetics Trading Down 7.1%

Shares of Opus Genetics stock opened at $4.34 on Wednesday. The company has a fifty day simple moving average of $3.79 and a 200-day simple moving average of $4.29. The stock has a market cap of $358.70 million, a price-to-earnings ratio of -3.21 and a beta of 0.58. Opus Genetics has a 12-month low of $1.32 and a 12-month high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.02. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The company had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. On average, analysts forecast that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 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 owned 556,375 shares in the company, valued at $2,525,942.50. This represents a 4.79% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 57,331 shares of company stock worth $213,749. 11.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Nantahala Capital Management LLC increased its position in Opus Genetics by 42.9% during the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company's stock worth $9,610,000 after buying an additional 1,435,407 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Opus Genetics during the second quarter valued at $12,809,000. Trails Edge Capital Partners LP acquired a new stake in shares of Opus Genetics during the second quarter valued at $11,276,434. Balyasny Asset Management L.P. purchased a new stake in Opus Genetics during the 4th quarter worth about $5,463,000. Finally, Millennium Management LLC acquired a new position in Opus Genetics in the 4th quarter valued at about $4,025,000. Hedge funds and other institutional investors own 14.97% of the company's stock.

About Opus Genetics

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.

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