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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by analysts at Chardan Capital in a research note issued on Wednesday, Benzinga reports. They currently have a $13.00 price objective on the stock. Chardan Capital’s target price would suggest a potential upside of 199.54% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Royal Bank Of Canada decreased their price target on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They set an “outperform” rating and a $10.00 price target for the company. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a report on Monday, July 6th. TD Cowen initiated coverage on Opus Genetics in a research note on Wednesday, July 29th. They issued a “buy” rating on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Opus Genetics currently has a consensus rating of “Moderate Buy” and an average target price of $10.69.

Opus Genetics Trading Down 7.1%

Opus Genetics stock opened at $4.34 on Wednesday. The stock has a fifty day moving average price of $3.79 and a 200 day moving average price of $4.29. Opus Genetics has a 52 week low of $1.32 and a 52 week high of $5.81. The firm has a market capitalization of $358.70 million, a P/E ratio of -3.21 and a beta of 0.58.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. As a group, equities analysts predict that Opus Genetics will post -0.99 EPS for the current year.

Insider Activity at Opus Genetics

In related news, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer directly owned 556,375 shares of the company’s stock, valued at approximately $2,525,942.50. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% 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. Insiders sold 57,331 shares of company stock valued at $213,749 in the last ninety days. 11.70% of the stock is owned by corporate insiders.

Institutional Trading of Opus Genetics

A number of hedge funds and other institutional investors have recently modified their holdings of IRD. Occudo Quantitative Strategies LP acquired a new position in shares of Opus Genetics in the fourth quarter worth about $25,000. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter worth approximately $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at approximately $34,000. Raymond James Financial Inc. raised its position in shares of Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics during the fourth quarter worth approximately $40,000. 14.97% of the stock is owned by hedge funds and other 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.