Opus Genetics (NASDAQ:IRD) Stock: Insider Robert Gagnon Sells 14,000 Shares

Opus Genetics, Inc. (NASDAQ:IRD) CFO Robert Gagnon sold 14,000 shares of the business’s stock in a transaction on Friday, October 23rd. The shares were sold at an average price of $3.55, for a total transaction of $49,700.00. Following the sale, the chief financial officer directly owned 542,375 shares in the company, valued at $1,925,431.25. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Price Performance

Shares of IRD stock opened at $3.68 on Thursday. The firm has a market capitalization of $304.15 million, a price-to-earnings ratio of -2.73 and a beta of 0.62. The business has a fifty day moving average of $4.49 and a 200 day moving average of $4.14. Opus Genetics, Inc. has a 1 year low of $1.70 and a 1 year high of $7.07.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. As a group, equities research analysts expect that Opus Genetics, Inc. will post -0.97 earnings per share for the current year.

Wall Street Analyst Weigh In

IRD has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price objective on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Chardan Capital reiterated a “buy” rating and issued a $16.00 target price on shares of Opus Genetics in a research report on Thursday, October 22nd. BTIG Research reiterated a “buy” rating and issued a $12.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Finally, Wedbush lifted their price objective on shares of Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Opus Genetics presently has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Institutional Investors Weigh In On Opus Genetics

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Opus Genetics during the 2nd quarter worth about $12,809,000. Nantahala Capital Management LLC purchased a new position in shares of Opus Genetics during the 2nd quarter valued at about $12,582,185. Trails Edge Capital Partners LP purchased a new position in shares of Opus Genetics during the 2nd quarter valued at about $11,276,434. ADAR1 Capital Management LLC lifted its holdings in shares of Opus Genetics by 4,522.5% in the 1st 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. Finally, Squarepoint Ops LLC acquired a new position in shares of Opus Genetics in the 2nd quarter valued at about $1,360,000. 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.