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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $16.00 target price on the stock. Chardan Capital‘s target price indicates a potential upside of 318.85% from the company’s current price.

A number of other analysts have also recently commented on the stock. JonesTrading upped their price target on shares of Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, October 6th. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Oppenheimer increased their target price 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, Wall Street Zen raised shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Sunday, October 4th. One 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Price Performance

Shares of Opus Genetics stock traded down $0.29 on Thursday, reaching $3.82. 894,054 shares of the company traded hands, compared to its average volume of 1,432,110. Opus Genetics has a 52 week low of $1.70 and a 52 week high of $7.07. The company has a 50 day moving average of $4.52 and a 200 day moving average of $4.38. The firm has a market capitalization of $315.72 million, a PE ratio of -2.83 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. As a group, analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current year.

Insiders Place Their Bets

In other Opus Genetics news, Director Fighting Blindness Foundation sold 556,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total value of $2,757,760.00. Following the sale, the director owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This trade represents a 14.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Gagnon sold 28,000 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was 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 in the company, valued at approximately $2,525,942.50. This trade represents a 4.79% 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. 11.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Opus Genetics

A number of large investors have recently added to or reduced their stakes in IRD. Miller Financial Services LLC boosted its stake in shares of Opus Genetics by 11.1% during the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after purchasing an additional 3,000 shares in the last quarter. Opaleye Management Inc. raised its holdings in Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after buying an additional 5,000 shares during the last quarter. Seven Fleet Capital Management LP raised its holdings in Opus Genetics by 6.6% in the second quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company’s stock worth $588,000 after buying an additional 8,895 shares during the last quarter. Sanders Morris Harris LLC purchased a new position in Opus Genetics in the third quarter worth about $58,000. Finally, Engineers Gate Manager LP bought a new stake in shares of Opus Genetics in the second quarter worth approximately $50,000. Institutional investors own 14.97% of the company’s stock.

About Opus Genetics

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.