Opus Genetics (NASDAQ:IRD) CEO Sells $27,951.25 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,475 shares of the business’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer directly owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Price Performance

IRD stock opened at $3.84 on Friday. Opus Genetics, Inc. has a 1-year low of $1.04 and a 1-year high of $5.81. The business has a 50 day simple moving average of $3.87 and a two-hundred day simple moving average of $4.05. The company has a market capitalization of $317.07 million, a price-to-earnings ratio of -2.89 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The company had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. Sell-side analysts anticipate that Opus Genetics, Inc. will post -1.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Opus Genetics

Large investors have recently added to or reduced their stakes in the stock. Nantahala Capital Management LLC raised its position in Opus Genetics by 42.9% during the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares during the period. Balyasny Asset Management L.P. purchased a new position in shares of Opus Genetics in the 4th quarter worth approximately $5,463,000. Millennium Management LLC purchased a new position in shares of Opus Genetics in the 4th quarter worth approximately $4,025,000. ADAR1 Capital Management LLC increased its position in shares of Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after purchasing an additional 1,809,004 shares during the last quarter. Finally, Mink Brook Asset Management LLC increased its position in shares of Opus Genetics by 34.5% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after purchasing an additional 427,684 shares during the last quarter. 14.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They set an “outperform” rating for the company. BTIG Research reiterated a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. Chardan Capital reissued a “buy” rating and issued a $13.00 target price on shares of Opus Genetics in a report on Monday, July 6th. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus target price of $10.77.

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.