Stock Traders Purchase High Volume of Opus Genetics Call Options (NASDAQ:IRD)

Opus Genetics, Inc. (NASDAQ:IRD) was the target of unusually large options trading activity on Wednesday. Investors purchased 4,820 call options on the stock. This is an increase of approximately 681% compared to the average daily volume of 617 call options.

Insider Activity at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. The trade was a 0.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 28,000 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $4.54, for a total value of $127,120.00. Following the completion of the sale, the chief financial officer owned 556,375 shares in the company, valued at approximately $2,525,942.50. The trade was a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 57,331 shares of company stock valued at $213,749 in the last 90 days. Company insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Occudo Quantitative Strategies LP acquired a new stake in shares of Opus Genetics during the fourth quarter worth $25,000. Comerica Bank purchased a new stake in shares of Opus Genetics during the first quarter valued at $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at $34,000. Raymond James Financial Inc. increased its position in shares of Opus Genetics by 95.6% in 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. Finally, Johnson Investment Counsel Inc. purchased a new position in Opus Genetics in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Opus Genetics Trading Up 37.7%

Shares of IRD traded up $1.64 during trading hours on Wednesday, hitting $5.97. The company had a trading volume of 30,103,981 shares, compared to its average volume of 1,138,682. The company has a market capitalization of $493.83 million, a PE ratio of -4.44 and a beta of 0.58. Opus Genetics has a one year low of $1.32 and a one year high of $7.07. The company’s fifty day moving average price is $3.79 and its two-hundred day moving average price is $4.29.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. Analysts forecast that Opus Genetics will post -0.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on IRD shares. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, June 17th. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada reduced their target price on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.69.

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.