Insider Selling: Opus Genetics (NASDAQ:IRD) CEO Sells $49,647.42 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,511 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.22, for a total value of $49,647.42. Following the sale, the chief executive officer owned 1,741,344 shares of the company’s stock, valued at approximately $9,089,815.68. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

George Magrath also recently made the following trade(s):

• On Monday, March 16th, George Magrath sold 24,438 shares of Opus Genetics stock. The stock was sold at an average price of $5.21, for a total value of $127,321.98.

Opus Genetics Trading Down 6.6%

Shares of NASDAQ:IRD opened at $4.67 on Thursday. Opus Genetics, Inc. has a 1 year low of $0.87 and a 1 year high of $5.81. The business has a fifty day simple moving average of $4.74 and a 200 day simple moving average of $3.12. The firm has a market cap of $333.45 million, a price-to-earnings ratio of -5.70 and a beta of 0.52.

Analysts Set New Price Targets

IRD has been the topic of several recent research reports. Oppenheimer initiated coverage on Opus Genetics in a report on Monday, March 16th. They set an “outperform” rating and a $10.00 target price on the stock. Citigroup initiated coverage on Opus Genetics in a report on Tuesday. They set an “outperform” rating on the stock. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a report on Sunday, March 1st. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a report on Thursday, February 12th. Finally, BTIG Research increased their price target on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and an average price target of $10.30.

Institutional Trading of Opus Genetics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Occudo Quantitative Strategies LP bought a new position in shares of Opus Genetics in the fourth quarter worth about $25,000. Comerica Bank bought a new position in shares of Opus Genetics in the first quarter worth about $29,000. Virtu Financial LLC bought a new position in shares of Opus Genetics in the fourth quarter worth about $34,000. Raymond James Financial Inc. increased its stake in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new position in shares of Opus Genetics in the fourth quarter worth about $40,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.