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

Chardan Capital reiterated their buy rating on shares of Opus Genetics (NASDAQ:IRD) in a research note released on Monday,Benzinga reports. The brokerage currently has a $13.00 price target on the stock.

Several other equities analysts have also issued reports on IRD. Guggenheim assumed coverage on shares of Opus Genetics in a report on Thursday, June 4th. They issued a “buy” rating and a $16.00 price target for the company. Royal Bank Of Canada assumed coverage on Opus Genetics in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 price target for the company. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Cantor Fitzgerald began coverage on Opus Genetics in a research report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.77.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $3.91 on Monday. The firm’s 50 day simple moving average is $4.38 and its 200 day simple moving average is $3.87. Opus Genetics has a fifty-two week low of $1.00 and a fifty-two week high of $5.81. The company has a market capitalization of $322.68 million, a price-to-earnings ratio of -2.91 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. Equities research analysts expect that Opus Genetics will post -1.08 earnings per share for the current year.

Insider Activity at Opus Genetics

In related news, Director Fighting Blindness Foundation sold 1,700,000 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the transaction, the director owned 3,792,171 shares in the company, valued at approximately $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the transaction, the insider owned 509,233 shares of the company’s stock, valued at $2,642,919.27. The trade was a 1.46% 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. Over the last ninety days, insiders sold 1,738,703 shares of company stock worth $7,596,606. 11.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics during the fourth quarter worth $25,000. Comerica Bank bought a new position in shares of Opus Genetics in the 1st quarter valued at about $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics during the 4th quarter worth about $34,000. Raymond James Financial Inc. increased its stake in shares of Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after purchasing an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Opus Genetics in the 4th quarter valued at about $40,000. 14.97% of the stock is owned by institutional investors.

About Opus Genetics

Opus Genetics Inc is a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. Opus Genetics Inc, formerly known as Ocuphire Pharma Inc, is based in Farmington Hills, Michigan.