Opus Genetics (NASDAQ:IRD) President Benjamin Yerxa Sells 7,429 Shares

Opus Genetics, Inc. (NASDAQ:IRD) President Benjamin Yerxa sold 7,429 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $2.97, for a total value of $22,064.13. Following the completion of the sale, the president owned 704,106 shares in the company, valued at approximately $2,091,194.82. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 Price Performance

Shares of Opus Genetics stock traded up $0.12 during midday trading on Tuesday, hitting $3.46. 312,042 shares of the company were exchanged, compared to its average volume of 939,716. The firm has a market cap of $286.11 million, a P/E ratio of -2.60 and a beta of 0.55. Opus Genetics, Inc. has a 52 week low of $1.04 and a 52 week high of $5.81. The firm has a 50 day simple moving average of $3.91 and a 200-day simple moving average of $4.02.

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

Analyst Ratings Changes

Several analysts have weighed in on IRD shares. Zacks Research cut shares of Opus Genetics from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Citizens Jmp reiterated a “market outperform” rating and issued a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Citigroup initiated coverage on Opus Genetics in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Chardan Capital restated a “buy” rating and set a $13.00 price target on shares of Opus Genetics in a research report on Monday, July 6th. Finally, Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.77.

Institutional Trading of Opus Genetics

Several hedge funds have recently modified their holdings of IRD. Nantahala Capital Management LLC increased its holdings in shares of Opus Genetics by 42.9% in the fourth quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after purchasing an additional 1,435,407 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics during the fourth quarter valued at $5,463,000. Millennium Management LLC acquired a new position in shares of Opus Genetics during the fourth quarter valued at $4,025,000. ADAR1 Capital Management LLC boosted its holdings 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 acquiring an additional 1,809,004 shares during the last quarter. Finally, Mink Brook Asset Management LLC boosted its holdings in Opus Genetics by 34.5% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after acquiring an additional 427,684 shares during the last quarter. 14.97% of the stock is owned by institutional investors.

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.