Opus Genetics (NASDAQ:IRD) Announces Earnings Results, Beats Expectations By $0.02 EPS

Opus Genetics (NASDAQ:IRD) issued its quarterly earnings results on Thursday. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02, FiscalAI reports. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The company had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million.

Opus Genetics Trading Down 1.6%

IRD traded down $0.06 on Friday, reaching $3.66. The stock had a trading volume of 915,127 shares, compared to its average volume of 907,318. The business’s 50-day moving average price is $3.81 and its two-hundred day moving average price is $4.11. The company has a market cap of $302.19 million, a P/E ratio of -2.71 and a beta of 0.59. Opus Genetics has a 12-month low of $1.04 and a 12-month high of $5.81.

Analysts Set New Price Targets

IRD has been the topic of a number of research reports. BTIG Research reiterated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Guggenheim initiated coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target on the stock. Zacks Research cut Opus Genetics from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a report on Wednesday, June 17th. Finally, Leerink Partners initiated coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an “outperform” rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $10.69.

Insider Activity

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction 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 represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the sale, the director directly owned 3,792,171 shares in the company, valued at approximately $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,729,331 shares of company stock worth $7,481,629. Corporate insiders own 11.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC purchased a new stake in Opus Genetics in the 4th quarter worth $34,000. Occudo Quantitative Strategies LP purchased a new position in Opus Genetics during the fourth quarter valued at $25,000. Opaleye Management Inc. grew its position in shares of Opus Genetics by 1.8% in the fourth quarter. Opaleye Management Inc. now owns 1,120,000 shares of the company’s stock valued at $2,251,000 after purchasing an additional 20,000 shares during the period. Millennium Management LLC acquired a new stake in shares of Opus Genetics in the fourth quarter valued at about $4,025,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Opus Genetics during the fourth quarter worth about $5,463,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

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.