Opus Genetics' (IRD) "Buy" Rating Reaffirmed at Chardan Capital

Opus Genetics (NASDAQ:IRD - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Chardan Capital in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 price target on the stock. Chardan Capital's price target indicates a potential upside of 300.50% from the company's current price.

Several other research firms have also recently issued reports on IRD. HC Wainwright reiterated a "buy" rating and issued a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. Citizens Jmp restated a "market outperform" rating and set a $17.00 price target on shares of Opus Genetics in a research report on Friday, October 16th. Zacks Research raised shares of Opus Genetics from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Oppenheimer increased their price objective on Opus Genetics from $10.00 to $20.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 9th. Finally, Wedbush lifted their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an "outperform" rating in a research note on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Opus Genetics has an average rating of "Moderate Buy" and an average target price of $12.71.

Opus Genetics Stock Down 2.8%

Shares of IRD opened at $4.00 on Thursday. The business's 50-day moving average price is $4.52 and its 200-day moving average price is $4.38. Opus Genetics has a twelve month low of $1.70 and a twelve month high of $7.07. The stock has a market cap of $330.19 million, a PE ratio of -3.01 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD - Get Free Report) last announced its quarterly 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 firm had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Analysts expect that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total value of $2,757,760.00. Following the transaction, the director owned 3,236,171 shares of the company's stock, valued at $16,051,408.16. This represents a 14.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Gagnon sold 28,000 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were 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 in the company, valued at $2,525,942.50. The trade was 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. 11.70% of the stock is currently owned by insiders.

Institutional Trading of Opus Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Opus Genetics during the second quarter valued at approximately $12,809,000. Nantahala Capital Management LLC purchased a new stake in shares of Opus Genetics in the 2nd quarter valued at $12,582,185. Trails Edge Capital Partners LP bought a new position in shares of Opus Genetics during the 2nd quarter valued at $11,276,434. ADAR1 Capital Management LLC grew its holdings 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 purchasing an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. raised its position in 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 purchasing an additional 5,000 shares during the period. 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, a group of rare disorders that can cause progressive vision loss and blindness. The company's research is centered on therapies intended to address the underlying genetic causes of these conditions rather than treating only their symptoms.

Opus Genetics is advancing an investigational pipeline of adeno-associated virus-based gene therapy candidates for diseases involving mutations in genes important to retinal function.