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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating restated by equities researchers at Chardan Capital in a report issued on Thursday, Benzinga reports. They presently have a $16.00 price target on the stock. Chardan Capital’s price objective suggests a potential upside of 289.29% from the company’s current price.

Other research analysts have also issued research reports about the company. Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, October 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Oppenheimer lifted 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. 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Trading Up 2.5%

IRD opened at $4.11 on Thursday. The business’s 50-day simple moving average is $4.52 and its 200-day simple moving average is $4.38. Opus Genetics has a one year low of $1.70 and a one year high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insider Transactions at Opus Genetics

In other news, 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 transaction, the director owned 3,236,171 shares of the company’s stock, valued at approximately $16,051,408.16. The trade was a 14.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Robert E. Gagnon sold 28,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the sale, 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds have recently made changes to their positions in the company. Stoneridge Investment Partners LLC purchased a new stake in shares of Opus Genetics in the second quarter valued at about $47,000. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics during the second quarter worth about $50,000. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics during the third quarter worth about $58,000. State of Wyoming purchased a new position in Opus Genetics during the second quarter worth about $65,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Opus Genetics during the second quarter worth about $66,000. Institutional investors and hedge funds 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, 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.