Opus Genetics’ (IRD) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital restated their buy rating on shares of Opus Genetics (NASDAQ:IRD) in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a $16.00 target price on the stock.

IRD has been the subject of a number of other research reports. TD Cowen began coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a “buy” rating for the company. BTIG Research reissued a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. Royal Bank Of Canada decreased their target price on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Finally, Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.92.

Opus Genetics Price Performance

Shares of Opus Genetics stock opened at $4.58 on Friday. The firm has a market cap of $378.54 million, a price-to-earnings ratio of -3.39 and a beta of 0.62. The stock’s 50-day moving average is $4.37 and its 200-day moving average is $4.41. Opus Genetics has a one year low of $1.70 and a one year high of $7.07.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, equities analysts expect that Opus Genetics will post -0.99 EPS for the current year.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the sale, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 556,000 shares of Opus Genetics stock in a transaction dated 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. The trade was a 14.66% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 613,331 shares of company stock worth $2,971,509 in the last ninety days. Insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Opus Genetics during the 2nd quarter valued at $12,809,000. Squarepoint Ops LLC bought a new position in Opus Genetics in the 2nd quarter valued at about $1,360,000. Trails Edge Capital Partners LP bought a new stake in shares of Opus Genetics during the second quarter worth approximately $11,276,434. ADAR1 Capital Management LLC bought a new position in shares of Opus Genetics during the second quarter worth approximately $7,331,000. Finally, Nantahala Capital Management LLC bought a new position in shares of Opus Genetics during the second quarter worth approximately $12,582,185. 14.97% of the stock is currently owned by institutional investors.

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.