Opus Genetics (NASDAQ:IRD) Stock Keeps “Buy” Rating at Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a research report issued on Friday, Benzinga reports. They presently have a $16.00 price target on the stock. Chardan Capital’s price target would indicate a potential upside of 265.30% from the company’s current price.

IRD has been the topic of a number of other research reports. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research report on Wednesday, September 9th. TD Cowen began coverage on shares of Opus Genetics in a research report on Wednesday, July 29th. They issued a “buy” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. Finally, Royal Bank Of Canada dropped their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.29.

Opus Genetics Price Performance

Opus Genetics stock opened at $4.38 on Friday. The stock has a market cap of $362.01 million, a price-to-earnings ratio of -3.24 and a beta of 0.62. Opus Genetics has a 1 year low of $1.70 and a 1 year high of $7.07. The firm has a 50-day moving average of $4.41 and a two-hundred day moving average of $4.40.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. Research analysts expect that Opus Genetics will post -0.99 earnings per share for the current year.

Insider Buying and Selling at Opus Genetics

In other 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 transaction of $2,757,760.00. Following the completion of the sale, the director owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. This represents a 14.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the sale, the chief executive officer 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 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. Over the last ninety days, insiders sold 613,331 shares of company stock valued at $2,971,509. 11.70% of the stock is currently owned by insiders.

Institutional Trading of Opus Genetics

Several institutional investors and hedge funds have recently bought and sold shares of IRD. Stoneridge Investment Partners LLC acquired a new stake in shares of Opus Genetics in the second quarter worth $47,000. Engineers Gate Manager LP purchased a new stake in Opus Genetics in the second quarter valued at $50,000. State of Wyoming acquired a new stake in Opus Genetics during the 2nd quarter worth about $65,000. The Manufacturers Life Insurance Company purchased a new position in shares of Opus Genetics during the 2nd quarter valued at about $66,000. Finally, Regency Capital Management Inc. DE acquired a new position in shares of Opus Genetics in the 4th quarter valued at about $92,000. 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, 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.