Opus Genetics (NASDAQ:IRD) CEO Sells 28,258 Shares of Company Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 28,258 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $110,206.20. Following the completion of the transaction, the chief executive officer owned 2,010,636 shares of the company’s stock, valued at $7,841,480.40. This represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

George Magrath also recently made the following trade(s):

• On Friday, October 23rd, George Magrath sold 9,591 shares of Opus Genetics stock. The shares were sold at an average price of $3.58, for a total value of $34,335.78.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD traded down $0.26 during midday trading on Thursday, hitting $4.01. 1,473,773 shares of the stock were exchanged, compared to its average volume of 1,418,146. The stock has a market capitalization of $331.42 million, a price-to-earnings ratio of -2.97 and a beta of 0.80. The business’s 50-day moving average price is $4.46 and its 200 day moving average price is $4.18. Opus Genetics, Inc. has a 12 month low of $1.70 and a 12 month high of $7.07.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data 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, sell-side analysts expect that Opus Genetics, Inc. will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Opus Genetics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Stoneridge Investment Partners LLC bought a new position in shares of Opus Genetics during the second quarter worth about $47,000. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics in the second quarter worth approximately $50,000. Sanders Morris Harris LLC acquired a new position in shares of Opus Genetics in the third quarter worth approximately $58,000. StoneRidge PMG Advisors LLC acquired a new position in shares of Opus Genetics in the third quarter worth approximately $61,000. Finally, State of Wyoming bought a new stake in Opus Genetics in the second quarter valued at approximately $65,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IRD shares. BTIG Research reissued a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a report on Wednesday, September 9th. Citizens Jmp reaffirmed a “market outperform” rating and set a $17.00 price target on shares of Opus Genetics in a research note on Friday, October 16th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Wedbush lifted their price target on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, September 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus 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.