Insider Selling: Opus Genetics (NASDAQ:IRD) Director Sells $2,757,760.00 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) Director Fighting Blindness Foundation sold 556,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total value of $2,757,760.00. Following the completion of the sale, the director directly owned 3,236,171 shares of the company’s stock, valued at $16,051,408.16. This trade represents a 14.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Opus Genetics Price Performance

NASDAQ IRD opened at $4.58 on Monday. The business’s fifty day simple moving average is $4.37 and its 200-day simple moving average is $4.41. The firm has a market cap of $378.54 million, a PE ratio of -3.39 and a beta of 0.62. Opus Genetics, Inc. has a 52 week low of $1.70 and a 52 week high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Research analysts expect that Opus Genetics, Inc. will post -0.99 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Chardan Capital restated a “buy” rating and set a $16.00 price target on shares of Opus Genetics in a report on Friday. Wedbush upped their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. Oppenheimer increased their price objective on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus price target of $11.92.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently made changes to their positions in IRD. Opaleye Management Inc. lifted its holdings in shares of Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after acquiring an additional 5,000 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Opus Genetics during the 2nd quarter worth approximately $50,000. Squarepoint Ops LLC acquired a new stake in Opus Genetics in the 2nd quarter valued at approximately $1,360,000. Nantahala Capital Management LLC purchased a new stake in Opus Genetics in the second quarter valued at approximately $12,582,185. Finally, Empowered Funds LLC purchased a new stake in Opus Genetics in the second quarter valued at approximately $173,000. 14.97% of the stock is owned by hedge funds and other institutional investors.

About Opus Genetics

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

Opus Genetics is advancing an investigational pipeline of adeno-associated virus-based gene therapy candidates for diseases involving mutations in genes important to retinal function.