Chardan Capital Reaffirms “Buy” Rating for Opus Genetics (NASDAQ:IRD)

Opus Genetics (NASDAQ:IRD)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued on Thursday,Benzinga reports. They presently have a $9.00 price target on the stock. Chardan Capital’s target price would suggest a potential upside of 378.72% from the company’s previous close.

Several other analysts also recently commented on the stock. Wedbush began coverage on shares of Opus Genetics in a research report on Wednesday, October 29th. They set an “outperform” rating and a $8.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Opus Genetics has an average rating of “Moderate Buy” and an average price target of $7.80.

Opus Genetics Stock Up 1.6%

Shares of NASDAQ:IRD opened at $1.88 on Thursday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $1.83 and a two-hundred day simple moving average of $1.33. Opus Genetics has a 12-month low of $0.65 and a 12-month high of $2.37. The stock has a market capitalization of $122.21 million, a price-to-earnings ratio of -0.98 and a beta of 0.16.

Opus Genetics (NASDAQ:IRD) last released its earnings results on Wednesday, November 12th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. Opus Genetics had a negative return on equity of 384.33% and a negative net margin of 377.89%.The firm had revenue of $3.08 million for the quarter, compared to analysts’ expectations of $3.07 million. On average, research analysts anticipate that Opus Genetics will post -1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently bought and sold shares of IRD. Raymond James Financial Inc. lifted its stake 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 acquiring an additional 11,000 shares during the period. Virtu Financial LLC purchased a new position in shares of Opus Genetics during the first quarter valued at approximately $26,000. Apollon Wealth Management LLC bought a new position in Opus Genetics during the first quarter valued at approximately $28,000. Comerica Bank bought a new position in Opus Genetics during the first quarter valued at approximately $29,000. Finally, Kestra Private Wealth Services LLC purchased a new stake in Opus Genetics in the first quarter worth approximately $47,000. 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.