Opus Genetics (NASDAQ:IRD) Releases Earnings Results, Misses Estimates By $0.59 EPS

Opus Genetics (NASDAQ:IRD) announced its earnings results on Tuesday. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.59), Zacks reports. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 349.33%.

Opus Genetics Stock Down 2.2%

IRD traded down $0.12 during trading hours on Tuesday, hitting $5.01. The stock had a trading volume of 1,251,137 shares, compared to its average volume of 903,276. Opus Genetics has a 1 year low of $0.90 and a 1 year high of $5.81. The company’s fifty day simple moving average is $4.94 and its 200 day simple moving average is $3.26. The stock has a market cap of $357.36 million, a PE ratio of -6.10 and a beta of 0.62.

Insider Buying and Selling at Opus Genetics

In related news, CFO Robert E. Gagnon sold 7,842 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $5.18, for a total transaction of $40,621.56. Following the sale, the chief financial officer directly owned 592,158 shares in the company, valued at approximately $3,067,378.44. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Benjamin R. Yerxa sold 7,470 shares of the firm’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 transaction of $39,142.80. Following the completion of the transaction, the president directly owned 711,535 shares of the company’s stock, valued at approximately $3,728,443.40. This trade represents a 1.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 73,395 shares of company stock valued at $382,278 in the last three months. 11.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds have recently made changes to their positions in IRD. Balyasny Asset Management L.P. bought a new stake in shares of Opus Genetics during the 4th quarter valued at $5,463,000. Millennium Management LLC purchased a new position in Opus Genetics during the 4th quarter valued at about $4,025,000. Nantahala Capital Management LLC grew its holdings in Opus Genetics by 42.9% during the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after buying an additional 1,435,407 shares in the last quarter. Mink Brook Asset Management LLC increased its position in shares of Opus Genetics by 34.5% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after buying an additional 427,684 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock worth $2,214,000 after buying an additional 349,825 shares in the last quarter. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Chardan Capital lifted their target price on Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Oppenheimer began coverage on shares of Opus Genetics in a research report on Monday, March 16th. They set an “outperform” rating and a $10.00 price target for the company. Finally, Citizens Jmp started coverage on shares of Opus Genetics in a report on Tuesday, April 28th. They set a “market perform” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.30.

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.