Opus Genetics, Inc. (NASDAQ:IRD) Short Interest Update

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,014,121 shares, a growth of 81.3% from the February 26th total of 1,110,696 shares. Based on an average daily volume of 1,322,364 shares, the short-interest ratio is currently 1.5 days. Currently, 3.0% of the shares of the stock are sold short.

Insider Transactions at Opus Genetics

In other Opus Genetics news, Director Cam Gallagher bought 83,000 shares of the firm’s stock in a transaction dated Monday, December 29th. The shares were bought at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the completion of the acquisition, the director owned 83,000 shares of the company’s stock, valued at approximately $163,510. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO George Magrath sold 24,438 shares of Opus Genetics stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $5.21, for a total value of $127,321.98. Following the completion of the transaction, the chief executive officer directly owned 1,750,855 shares of the company’s stock, valued at $9,121,954.55. This represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 34,692 shares of company stock worth $180,672. Company insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in shares of Opus Genetics during the fourth quarter worth about $34,000. Occudo Quantitative Strategies LP acquired a new position in shares of Opus Genetics during the fourth quarter worth about $25,000. Opaleye Management Inc. grew its holdings in shares of Opus Genetics by 1.8% during the fourth quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock worth $2,251,000 after buying an additional 20,000 shares in the last quarter. Millennium Management LLC acquired a new stake in Opus Genetics in the 4th quarter valued at approximately $4,025,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Opus Genetics in the 4th quarter valued at approximately $5,463,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD opened at $4.35 on Friday. The company has a 50 day moving average price of $3.70 and a two-hundred day moving average price of $2.57. The company has a market capitalization of $309.50 million, a PE ratio of -5.30 and a beta of 0.45. Opus Genetics has a 52 week low of $0.65 and a 52 week high of $5.30.

Analyst Ratings Changes

A number of brokerages recently commented on IRD. B. Riley Financial began coverage on Opus Genetics in a research report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price objective for the company. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the company a “buy” rating in a research note on Wednesday, March 11th. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, March 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, January 22nd. Finally, Oppenheimer assumed coverage on shares of Opus Genetics in a report on Monday, March 16th. They issued an “outperform” rating and a $10.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.33.

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.