Opus Genetics (NASDAQ:IRD) Stock: Insider George Magrath Sells 9,591 Shares

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,591 shares of Opus Genetics stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.58, for a total transaction of $34,335.78. Following the completion of the sale, the chief executive officer directly owned 2,038,894 shares in the company, valued at approximately $7,299,240.52. The trade was a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Up 6.4%

Shares of IRD opened at $3.68 on Thursday. Opus Genetics, Inc. has a twelve month low of $1.70 and a twelve month high of $7.07. The stock’s 50 day moving average is $4.49 and its two-hundred day moving average is $4.14. The firm has a market capitalization of $304.15 million, a PE ratio of -2.73 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD) last released its earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts predict that Opus Genetics, Inc. will post -0.97 EPS for the current year.

Analyst Ratings Changes

IRD has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a research report on Thursday, October 15th. Wedbush boosted their target price on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a research report on Thursday, September 10th. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada cut their price target on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.71.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds have recently bought and sold shares of the company. Miller Financial Services LLC raised its stake in shares of Opus Genetics by 11.1% during the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock worth $145,000 after buying an additional 3,000 shares during the last quarter. Opaleye Management Inc. boosted its position 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 buying an additional 5,000 shares in the last quarter. Seven Fleet Capital Management LP boosted its position in shares of Opus Genetics by 6.6% in the 2nd quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company’s stock worth $588,000 after buying an additional 8,895 shares in the last quarter. Sanders Morris Harris LLC acquired a new stake in Opus Genetics in the 3rd quarter valued at about $58,000. Finally, Engineers Gate Manager LP acquired a new stake in Opus Genetics in the 2nd quarter valued at about $50,000. 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 (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.