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

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

IRD has been the topic of several other reports. Oppenheimer initiated coverage on Opus Genetics in a report on Monday, March 16th. They set an “outperform” rating and a $10.00 price objective on the stock. Cantor Fitzgerald initiated coverage on Opus Genetics in a report on Monday, March 30th. They issued an “overweight” rating and a $15.00 price target for the company. Citigroup initiated coverage on Opus Genetics in a report on Tuesday, April 28th. They issued an “outperform” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a report on Monday. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Opus Genetics Price Performance

IRD stock remained flat at $4.06 during midday trading on Thursday. The company’s stock had a trading volume of 248,981 shares, compared to its average volume of 892,726. Opus Genetics has a 52 week low of $0.90 and a 52 week high of $5.81. The business has a 50-day moving average of $4.75 and a 200 day moving average of $3.70. The firm has a market capitalization of $335.23 million, a PE ratio of -3.05 and a beta of 0.56.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The business had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $2.93 million. On average, sell-side analysts forecast that Opus Genetics will post -1.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Benjamin R. Yerxa sold 7,470 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $5.24, for a total value of $39,142.80. Following the completion of the sale, the president directly owned 711,535 shares in the company, valued at approximately $3,728,443.40. The trade was a 1.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the transaction, the director owned 3,792,171 shares of the company’s stock, valued at $16,495,943.85. This represents a 30.95% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,738,703 shares of company stock worth $7,596,606. Corporate insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blair William & Co. IL boosted its position in Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Inc. boosted its position in Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics during the 4th quarter valued at approximately $25,000. Virtu Financial LLC acquired a new position in Opus Genetics during the 4th quarter valued at approximately $34,000. Finally, Johnson Investment Counsel Inc. acquired a new position in Opus Genetics during the 4th quarter valued at approximately $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.