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

Key Points

• Chardan Capital reaffirmed its Buy rating on Opus Genetics and set a $16 price target, implying nearly 249% upside from the stock’s $4.59 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $11.92, although ratings range from Strong Buy to Sell.
• Opus Genetics exceeded quarterly EPS expectations, reporting a $0.14 loss per share versus the anticipated $0.16 loss, but revenue of $0.76 million fell well short of the $2.63 million estimate.

Opus Genetics (NASDAQ:IRD - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Chardan Capital in a report released on Friday, Benzinga reports. They presently have a $16.00 target price on the stock. Chardan Capital's price objective suggests a potential upside of 248.96% from the stock's current price.

Other equities analysts have also issued research reports about the company. Zacks Research upgraded Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Citizens Jmp reissued a "market outperform" rating and set a $11.00 price objective on shares of Opus Genetics in a report on Monday, June 15th. Wall Street Zen lowered shares of Opus Genetics from a "hold" rating to a "sell" rating in a report on Saturday, September 26th. Finally, BTIG Research reissued a "buy" rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.92.

Opus Genetics Stock Up 1.7%

IRD opened at $4.59 on Friday. The company has a market cap of $378.95 million, a price-to-earnings ratio of -3.37 and a beta of 0.62. The firm's fifty day simple moving average is $4.34 and its two-hundred 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 - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping 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. On average, research analysts forecast that Opus Genetics will post -0.99 EPS for the current year.

Insider Buying and Selling at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of Opus Genetics 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 trade represents a 0.54% 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, CFO Robert E. Gagnon sold 28,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were 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 directly owned 556,375 shares in the company, valued at approximately $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 57,331 shares of company stock worth $213,749. 11.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRD. BlackRock Inc. bought a new position in shares of Opus Genetics during the second quarter worth approximately $12,809,000. Nantahala Capital Management LLC bought a new stake in shares of Opus Genetics during the second quarter valued at approximately $12,582,185. Trails Edge Capital Partners LP purchased a new position in shares of Opus Genetics during the 2nd quarter worth $11,276,434. ADAR1 Capital Management LLC lifted its stake in shares of Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after buying an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. increased its holdings in shares of Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock worth $4,624,000 after buying an additional 5,000 shares during the last quarter. 14.97% of the stock is owned by institutional investors and hedge funds.

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.