Chardan Capital Begins Coverage on Opus Genetics (NASDAQ:IRD)

Key Points

• Chardan Capital has initiated coverage on Opus Genetics, giving it a "buy" rating and a target price of $9.00, indicating a potential upside of 350% from its previous close.
• Opus Genetics currently has a consensus rating of "Moderate Buy" from analysts, with four recommending a buy, while one analyst has issued a sell rating.
• The stock has seen a significant range in performance with a twelve-month low of $0.65 and high of $2.16, and recently opened at $2.00.

Research analysts at Chardan Capital started coverage on shares of Opus Genetics (NASDAQ:IRD - Get Free Report) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $9.00 price target on the stock. Chardan Capital's price objective would suggest a potential upside of 350.00% from the company's previous close.

Other research analysts have also issued research reports about the stock. HC Wainwright restated a "buy" rating and set a $8.00 target price on shares of Opus Genetics in a research report on Friday, June 27th. Wall Street Zen upgraded shares of Opus Genetics from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Opus Genetics in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Opus Genetics presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.75.

Opus Genetics Price Performance

Opus Genetics stock opened at $2.00 on Thursday. Opus Genetics has a twelve month low of $0.65 and a twelve month high of $2.16. The stock has a market cap of $119.82 million, a P/E ratio of -1.04 and a beta of 0.11. The company's 50-day moving average price is $1.47 and its two-hundred day moving average price is $1.14. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.06.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings data on Friday, May 7th. The company reported ($0.47) earnings per share (EPS) for the quarter. Opus Genetics had a negative return on equity of 384.33% and a negative net margin of 377.89%. As a group, analysts expect that Opus Genetics will post -1.22 EPS for the current year.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new position in Opus Genetics during the first quarter worth about $26,000. Apollon Wealth Management LLC bought a new stake in Opus Genetics during the 1st quarter worth approximately $28,000. Comerica Bank bought a new stake in Opus Genetics during the 1st quarter worth approximately $29,000. Kestra Private Wealth Services LLC bought a new position in shares of Opus Genetics in the 1st quarter worth $47,000. Finally, Voss Capital LP bought a new position in shares of Opus Genetics in the 1st quarter worth $147,000. 14.97% of the stock is owned by institutional investors.

Opus Genetics Company Profile

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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