Opus Genetics (NASDAQ:IRD) CEO Sells $34,335.78 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,591 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.58, for a total value of $34,335.78. Following the completion of the sale, the chief executive officer directly owned 2,038,894 shares in the company, valued at $7,299,240.52. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

IRD stock opened at $3.65 on Friday. The company’s 50 day moving average price is $4.48 and its 200 day moving average price is $4.14. Opus Genetics, Inc. has a fifty-two week low of $1.70 and a fifty-two week high of $7.07. The firm has a market capitalization of $301.67 million, a price-to-earnings ratio of -2.70 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Equities analysts forecast that Opus Genetics, Inc. will post -0.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Opus Genetics

A number of institutional investors have recently modified their holdings of the business. Miller Financial Services LLC lifted its position in Opus Genetics by 11.1% during the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock worth $145,000 after acquiring an additional 3,000 shares during the period. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics in the third quarter valued at approximately $58,000. Opaleye Management Inc. increased its holdings in shares of Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after purchasing an additional 5,000 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics in the second quarter valued at approximately $50,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Opus Genetics during the second quarter worth approximately $1,360,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on IRD. Royal Bank Of Canada decreased their target price on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. Citizens Jmp reissued a “market outperform” rating and set a $17.00 price objective on shares of Opus Genetics in a report on Friday, October 16th. Chardan Capital restated a “buy” rating and set a $16.00 price objective on shares of Opus Genetics in a research report on Thursday, October 22nd. Finally, BTIG Research restated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

About Opus Genetics

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.