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

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reiterated by stock analysts at Chardan Capital in a note issued to investors on Friday,Benzinga reports. They currently have a $9.00 price objective on the stock. Chardan Capital’s target price would suggest a potential upside of 367.53% from the stock’s previous close.

Several other brokerages have also issued reports on IRD. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research report on Saturday, July 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research note on Wednesday, October 8th. Finally, Wedbush began coverage on Opus Genetics in a research note on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Opus Genetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.80.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD traded down $0.11 on Friday, hitting $1.93. 203,724 shares of the company were exchanged, compared to its average volume of 510,523. Opus Genetics has a one year low of $0.65 and a one year high of $2.37. The firm has a market capitalization of $115.32 million, a price-to-earnings ratio of -1.00 and a beta of 0.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.90 and a current ratio of 1.90. The company’s 50 day moving average price is $1.75 and its two-hundred day moving average price is $1.28.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Friday, May 7th. The company reported ($0.47) EPS for the quarter. Opus Genetics had a negative net margin of 377.89% and a negative return on equity of 384.33%. Research analysts expect that Opus Genetics will post -1.22 earnings per share for the current year.

Hedge Funds Weigh In On Opus Genetics

Several institutional investors have recently bought and sold shares of IRD. BIOS Capital Management LP increased its stake in shares of Opus Genetics by 270.1% in the second quarter. BIOS Capital Management LP now owns 3,683,429 shares of the company’s stock worth $3,462,000 after purchasing an additional 2,688,180 shares in the last quarter. Nantahala Capital Management LLC grew its stake in Opus Genetics by 6.0% in the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company’s stock worth $3,152,000 after buying an additional 188,028 shares in the last quarter. Vanguard Group Inc. raised its position in Opus Genetics by 35.3% during the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after purchasing an additional 349,825 shares in the last quarter. Opaleye Management Inc. boosted its stake in Opus Genetics by 3.8% in the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company’s stock worth $1,149,000 after buying an additional 45,000 shares in the last quarter. Finally, Mink Brook Asset Management LLC raised its position in Opus Genetics by 47.8% in the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company’s stock worth $1,128,000 after purchasing an additional 387,536 shares during the period. Hedge funds and other institutional investors own 14.97% of the company’s stock.

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.