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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by research analysts at Chardan Capital in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 target price on the stock. Chardan Capital‘s target price points to a potential upside of 361.10% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada reduced their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Citizens Jmp reiterated a “market outperform” rating and set a $17.00 price objective on shares of Opus Genetics in a report on Friday, October 16th. Oppenheimer lifted their price objective on shares of Opus Genetics from $10.00 to $20.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Finally, JonesTrading lifted their price objective on shares of Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Stock Performance

Shares of NASDAQ IRD traded down $0.35 during trading hours on Thursday, hitting $3.47. 1,115,853 shares of the stock were exchanged, compared to its average volume of 1,430,560. The company has a market cap of $286.80 million, a PE ratio of -2.57 and a beta of 0.62. The company’s fifty day simple moving average is $4.52 and its two-hundred day simple moving average is $4.37. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) 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. As a group, sell-side analysts expect that Opus Genetics will post -0.97 EPS for the current fiscal year.

Insider Transactions at Opus Genetics

In other Opus Genetics news, CFO Robert E. Gagnon sold 28,000 shares of Opus Genetics stock in a transaction that occurred 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 transaction, the chief financial officer owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 the business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 3,236,171 shares in the company, valued at $16,051,408.16. The trade was a 14.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IRD. BlackRock Inc. purchased a new stake in Opus Genetics during the second quarter worth about $12,809,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics in the second quarter valued at about $12,582,185. Trails Edge Capital Partners LP purchased a new position in Opus Genetics in the second quarter valued at about $11,276,434. ADAR1 Capital Management LLC grew its position 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 acquiring an additional 1,809,004 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Opus Genetics during the 2nd quarter valued at approximately $1,360,000. 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 (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.