Opus Genetics (NASDAQ:IRD) Earns Buy Rating from Chardan Capital

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by Chardan Capital in a research note issued to investors on Friday, Benzinga reports. They presently have a $16.00 price objective on the stock. Chardan Capital’s price objective indicates a potential upside of 254.77% from the stock’s current price.

A number of other analysts have also recently issued reports on the company. Royal Bank Of Canada decreased their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Citizens Jmp restated a “market outperform” rating and set a $11.00 target price on shares of Opus Genetics in a research report on Monday, June 15th. BTIG Research reiterated a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. One 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 given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.92.

Opus Genetics Price Performance

Opus Genetics stock opened at $4.51 on Friday. The business has a fifty day moving average price of $4.34 and a 200-day moving average price of $4.41. The stock has a market capitalization of $372.75 million, a price-to-earnings ratio of -3.34 and a beta of 0.62. Opus Genetics has a 1-year low of $1.70 and a 1-year high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, equities research analysts anticipate that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Insider Transactions at Opus Genetics

In other news, CFO Robert 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 transaction, the chief financial officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 Opus Genetics stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer directly owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. 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. Insiders have sold a total of 57,331 shares of company stock valued at $213,749 over the last ninety days. Company insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Opus Genetics during the 2nd quarter worth about $12,809,000. Nantahala Capital Management LLC bought a new position in shares of Opus Genetics during the second quarter worth approximately $12,582,185. Trails Edge Capital Partners LP bought a new position in Opus Genetics in the second quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC raised its holdings 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 worth $8,413,000 after buying an additional 1,809,004 shares in the last quarter. Finally, Opaleye Management Inc. increased its holdings in shares of Opus Genetics by 0.4% during 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 in the last quarter. 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 or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics’ pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.