Opus Genetics Target of Unusually Large Options Trading (NASDAQ:IRD)

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of some unusual options trading on Tuesday. Stock investors purchased 20,519 call options on the company. This is an increase of 6,628% compared to the typical volume of 305 call options.

Insider Activity

In other news, CEO George Magrath sold 9,475 shares of Opus Genetics 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 transaction, the chief executive officer directly owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their position. 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. In the last 90 days, insiders sold 29,331 shares of company stock worth $86,629. 11.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Blair William & Co. IL increased its holdings in shares of Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after purchasing an additional 3,000 shares during the period. Seven Fleet Capital Management LP boosted its holdings in shares of Opus Genetics by 6.6% during the second quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company’s stock worth $588,000 after purchasing an additional 8,895 shares during the period. Raymond James Financial Inc. grew its position in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new position in Opus Genetics during the fourth quarter valued at approximately $25,000. Finally, Stoneridge Investment Partners LLC acquired a new position in Opus Genetics in the 2nd quarter valued at approximately $47,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Opus Genetics Price Performance

IRD stock opened at $4.11 on Wednesday. The firm has a market capitalization of $339.69 million, a P/E ratio of -3.04 and a beta of 0.59. Opus Genetics has a 52-week low of $1.17 and a 52-week high of $5.81. The company’s 50 day simple moving average is $3.76 and its 200-day simple moving average is $4.24.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. Sell-side analysts predict that Opus Genetics will post -0.99 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IRD shares. Chardan Capital reaffirmed a “buy” rating and set a $13.00 target price on shares of Opus Genetics in a report on Monday, July 6th. Royal Bank Of Canada reduced their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Citigroup started coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating on the stock. Citizens Jmp reissued a “market outperform” rating and set a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Finally, B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a research note on Thursday, April 30th. One equities 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.69.

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.