Opus Genetics (NASDAQ:IRD) President Sells $117,489.06 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) President Benjamin Yerxa sold 33,189 shares of the stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.54, for a total transaction of $117,489.06. Following the completion of the transaction, the president directly owned 670,917 shares of the company’s stock, valued at $2,375,046.18. The trade was a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Down 0.8%

NASDAQ:IRD opened at $3.65 on Friday. The company has a market cap of $301.67 million, a PE ratio of -2.70 and a beta of 0.62. Opus Genetics, Inc. has a twelve month low of $1.70 and a twelve month high of $7.07. The company’s 50 day moving average is $4.48 and its two-hundred day moving average is $4.14.

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, beating the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. As a group, analysts expect that Opus Genetics, Inc. will post -0.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds have recently added to or reduced their stakes in the business. Stoneridge Investment Partners LLC acquired a new stake in Opus Genetics during the 2nd quarter worth about $47,000. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics in the 2nd quarter valued at about $50,000. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics in the 3rd quarter valued at about $58,000. State of Wyoming acquired a new position in shares of Opus Genetics in the 2nd quarter valued at about $65,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Opus Genetics in the second quarter worth about $66,000. 14.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IRD has been the subject of several research analyst reports. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. TD Cowen began coverage on Opus Genetics in a research report on Wednesday, July 29th. They issued a “buy” rating on the stock. Chardan Capital reiterated a “buy” rating and issued a $16.00 price target on shares of Opus Genetics in a report on Thursday, October 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Opus Genetics currently has an average rating of “Moderate Buy” and an average price target of $12.71.

Opus Genetics Company Profile

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.