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

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

Other research analysts have also issued reports about the company. Citizens Jmp restated a “market outperform” rating and issued a $17.00 target price on shares of Opus Genetics in a research note on Friday, October 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. Wedbush increased their price objective on Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research note on Thursday, September 10th. JonesTrading increased their price objective on Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. Finally, Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Trading Up 2.5%

Shares of NASDAQ IRD opened at $4.11 on Thursday. The business has a fifty day simple moving average of $4.52 and a 200 day simple moving average of $4.38. The firm has a market capitalization of $339.69 million, a price-to-earnings ratio of -3.04 and a beta of 0.62. Opus Genetics has a one year low of $1.70 and a one year high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) 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, research analysts anticipate that Opus Genetics will post -0.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Opus Genetics

In other news, Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total transaction of $2,757,760.00. Following the sale, the director owned 3,236,171 shares in the company, valued at approximately $16,051,408.16. This represents a 14.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the transaction, the chief financial officer owned 556,375 shares in the company, valued at approximately $2,525,942.50. This 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Hedge funds have recently added to or reduced their stakes in the company. Sanders Morris Harris LLC bought a new position in Opus Genetics in the third quarter valued at about $58,000. Engineers Gate Manager LP bought a new position in Opus Genetics in the second quarter valued at about $50,000. Stoneridge Investment Partners LLC bought a new position in Opus Genetics in the second quarter valued at about $47,000. State of Wyoming bought a new position in Opus Genetics in the second quarter valued at about $65,000. Finally, The Manufacturers Life Insurance Company bought a new position in Opus Genetics in the second quarter valued at about $66,000. 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, 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.