George Magrath Sells 9,475 Shares of Opus Genetics (NASDAQ:IRD) Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,475 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer 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 legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Up 1.0%

Shares of IRD stock traded up $0.04 on Tuesday, reaching $3.38. The company had a trading volume of 278,494 shares, compared to its average volume of 939,608. The stock has a market cap of $279.50 million, a PE ratio of -2.55 and a beta of 0.55. The company has a 50-day moving average of $3.91 and a 200-day moving average of $4.02. Opus Genetics, Inc. has a 12 month low of $1.04 and a 12 month high of $5.81.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.59). The firm had revenue of $2.16 million for the quarter, compared to the consensus estimate of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. Sell-side analysts anticipate that Opus Genetics, Inc. will post -1.08 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Seven Fleet Capital Management LP bought a new position in Opus Genetics in the first quarter valued at approximately $611,000. Bank of America Corp DE grew its holdings in 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. ADAR1 Capital Management LLC raised its stake in Opus Genetics by 4,522.5% in the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after buying an additional 1,809,004 shares during the period. Regency Capital Management Inc. DE raised its stake in Opus Genetics by 47.8% in the 1st quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company’s stock valued at $309,000 after acquiring an additional 22,000 shares during the period. Finally, Virtu Financial LLC bought a new stake in Opus Genetics in the 4th quarter valued at $34,000. Institutional investors own 14.97% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on IRD shares. Royal Bank Of Canada began coverage on Opus Genetics in a report on Tuesday, June 23rd. They set an “outperform” rating and a $10.00 target price on the stock. B. Riley Financial reaffirmed a “buy” rating on shares of Opus Genetics in a research report on Thursday, April 30th. Chardan Capital reiterated a “buy” rating and set a $13.00 price objective on shares of Opus Genetics in a report on Monday, July 6th. Citigroup initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued an “outperform” rating for the company. Finally, Cantor Fitzgerald started coverage on Opus Genetics in a research note on Monday, March 30th. They set an “overweight” rating and a $15.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.77.

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.