Stock Traders Purchase High Volume of Opus Genetics Call Options (NASDAQ:IRD)

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of unusually large options trading activity on Wednesday. Traders purchased 4,820 call options on the company. This is an increase of 681% compared to the average volume of 617 call options.

Insider Buying and Selling at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The shares were 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 of the company’s stock, valued at $5,109,013.55. This trade represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert E. Gagnon sold 28,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares in the company, valued at $2,525,942.50. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 57,331 shares of company stock valued at $213,749. Company insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Occudo Quantitative Strategies LP purchased a new stake in Opus Genetics in the 4th quarter worth about $25,000. Comerica Bank purchased a new stake in Opus Genetics during the first quarter valued at about $29,000. Virtu Financial LLC purchased a new stake in Opus Genetics during the fourth quarter valued at about $34,000. Raymond James Financial Inc. boosted 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 worth $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new position in Opus Genetics during the fourth quarter worth about $40,000. Institutional investors own 14.97% of the company’s stock.

Opus Genetics Trading Up 37.7%

Shares of NASDAQ:IRD traded up $1.64 during mid-day trading on Wednesday, reaching $5.97. The company had a trading volume of 30,103,981 shares, compared to its average volume of 1,138,682. Opus Genetics has a one year low of $1.32 and a one year high of $7.07. The company’s 50-day moving average price is $3.79 and its 200-day moving average price is $4.29. The firm has a market cap of $493.83 million, a price-to-earnings ratio of -4.44 and a beta of 0.58.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.The business had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. On average, research analysts anticipate that Opus Genetics will post -0.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on IRD. Wall Street Zen upgraded shares of Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, August 16th. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. TD Cowen initiated coverage on Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research report on Friday, July 17th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $11.00 price target on shares of Opus Genetics in a report on Monday, June 15th. 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 given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.69.

Opus Genetics Company Profile

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.