Trails Edge Capital Partners LP Invests $11.28 Million in Opus Genetics, Inc. $IRD

Trails Edge Capital Partners LP bought a new stake in Opus Genetics, Inc. (NASDAQ:IRD) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 2,743,658 shares of the company’s stock, valued at approximately $11,276,434. Opus Genetics accounts for 0.0% of Trails Edge Capital Partners LP’s investment portfolio, making the stock its 22nd largest holding. Trails Edge Capital Partners LP owned about 3.32% of Opus Genetics as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC grew its position in Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock worth $8,413,000 after buying an additional 1,809,004 shares during the period. AWM Investment Company Inc. acquired a new position in Opus Genetics in the 2nd quarter valued at approximately $956,000. Texas Capital Bank Wealth Management Services Inc bought a new stake in Opus Genetics during the 4th quarter valued at approximately $157,000. Bank of New York Mellon Corp acquired a new position in Opus Genetics in the second quarter valued at about $503,000. Finally, Bank of America Corp DE grew its stake in shares of Opus Genetics by 2,965.6% during the first quarter. Bank of America Corp DE now owns 67,015 shares of the company’s stock worth $305,000 after purchasing an additional 64,829 shares during the period. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IRD. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, June 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research note on Friday, July 17th. TD Cowen initiated coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They issued a “buy” rating for the company. Zacks Research raised Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Leerink Partners began coverage on shares of Opus Genetics in a report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price for the company. 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.69.

Insider Activity

In other news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the sale, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 29,331 shares of company stock valued at $86,629 over the last quarter. Insiders own 11.70% of the company’s stock.

Opus Genetics Stock Performance

NASDAQ:IRD traded down $0.16 during mid-day trading on Friday, hitting $3.69. The company had a trading volume of 822,206 shares, compared to its average volume of 929,197. The firm has a market cap of $304.98 million, a P/E ratio of -2.73 and a beta of 0.59. Opus Genetics, Inc. has a fifty-two week low of $1.17 and a fifty-two week high of $5.81. The business’s fifty day moving average is $3.75 and its two-hundred day moving average is $4.25.

Opus Genetics (NASDAQ:IRD) last issued its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (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 analysts’ expectations of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. Equities analysts forecast that Opus Genetics, Inc. will post -0.99 earnings per share for the current year.

Opus Genetics 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.