Chardan Capital Increases Opus Genetics (NASDAQ:IRD) Price Target to $13.00

Opus Genetics (NASDAQ:IRD) had its price objective hoisted by equities research analysts at Chardan Capital from $11.00 to $13.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Chardan Capital’s target price suggests a potential upside of 220.20% from the stock’s previous close.

A number of other research analysts have also issued reports on IRD. HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research report on Wednesday. B. Riley Financial reiterated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Oppenheimer started coverage on Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research report on Tuesday, April 21st. Finally, Guggenheim started coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.83.

Opus Genetics Price Performance

NASDAQ:IRD remained flat at $4.06 during midday trading on Thursday. The company had a trading volume of 248,981 shares, compared to its average volume of 892,726. Opus Genetics has a twelve month low of $0.90 and a twelve month high of $5.81. The stock has a market capitalization of $335.23 million, a price-to-earnings ratio of -3.05 and a beta of 0.56. The firm has a fifty day moving average of $4.75 and a two-hundred day moving average of $3.70.

Opus Genetics (NASDAQ:IRD) last released 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 company had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. On average, sell-side analysts predict that Opus Genetics will post -1.06 earnings per share for the current year.

Insider Activity at Opus Genetics

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the sale, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. This represents a 30.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO George Magrath sold 9,511 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total value of $49,647.42. Following the completion of the sale, the chief executive officer owned 1,741,344 shares of the company’s stock, valued at approximately $9,089,815.68. This trade represents a 0.54% 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. Insiders have sold a total of 1,738,703 shares of company stock worth $7,596,606 in the last ninety days. 11.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Opus Genetics

Institutional investors have recently modified their holdings of the company. Occudo Quantitative Strategies LP acquired a new stake in shares of Opus Genetics in the fourth quarter valued at $25,000. Comerica Bank acquired a new stake in shares of Opus Genetics in the first quarter valued at $29,000. Virtu Financial LLC acquired a new stake in shares of Opus Genetics in the fourth quarter valued at $34,000. Raymond James Financial Inc. lifted its holdings in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after buying an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Company Profile

Opus Genetics Inc is a clinical-stage 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.