Insider Selling: Opus Genetics (NASDAQ:IRD) COO Sells 4,697 Shares of Stock

Opus Genetics, Inc. (NASDAQ:IRD) COO Joseph Schachle sold 4,697 shares of the stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $5.22, for a total value of $24,518.34. Following the completion of the transaction, the chief operating officer directly owned 296,084 shares in the company, valued at approximately $1,545,558.48. This represents a 1.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Down 2.1%

IRD stock traded down $0.11 during trading on Monday, reaching $5.12. The stock had a trading volume of 736,774 shares, compared to its average volume of 885,269. Opus Genetics, Inc. has a 52 week low of $0.81 and a 52 week high of $5.81. The stock’s 50 day moving average is $4.67 and its two-hundred day moving average is $3.07. The firm has a market cap of $365.57 million, a PE ratio of -6.24 and a beta of 0.52.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Craig Hallum set a $9.00 target price on Opus Genetics and gave the company a “buy” rating in a report on Wednesday, March 11th. Cantor Fitzgerald assumed coverage on Opus Genetics in a report on Monday, March 30th. They issued an “overweight” rating and a $15.00 target price on the stock. Lifesci Capital raised Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Chardan Capital increased their target price on Opus Genetics from $9.00 to $11.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, Oppenheimer assumed coverage on Opus Genetics in a report on Monday, March 16th. They issued an “outperform” rating and a $10.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and an average target price of $10.11.

Institutional Investors Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Occudo Quantitative Strategies LP purchased a new stake in Opus Genetics in the 4th quarter worth approximately $25,000. Comerica Bank purchased a new stake in Opus Genetics in the 1st quarter worth approximately $29,000. Virtu Financial LLC purchased a new stake in Opus Genetics in the 4th quarter worth approximately $34,000. Raymond James Financial Inc. increased its holdings in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics in the 4th quarter worth approximately $40,000. 14.97% of the stock is owned by hedge funds and other 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.