Insider Selling: Opus Genetics (NASDAQ:IRD) COO Sells $16,970.52 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) COO Joseph Schachle sold 4,767 shares of the firm’s stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.56, for a total transaction of $16,970.52. Following the sale, the chief operating officer directly owned 286,673 shares of the company’s stock, valued at $1,020,555.88. This trade represents a 1.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Down 0.8%

Opus Genetics stock opened at $3.65 on Friday. The firm has a market cap of $301.67 million, a price-to-earnings ratio of -2.70 and a beta of 0.62. The stock has a fifty day simple moving average of $4.48 and a two-hundred day simple moving average of $4.14. Opus Genetics, Inc. has a 12 month low of $1.70 and a 12 month high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced 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 company had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. On average, equities research analysts forecast that Opus Genetics, Inc. will post -0.97 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IRD shares. Royal Bank Of Canada dropped their price target 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. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a report on Thursday, October 15th. BTIG Research restated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Oppenheimer lifted their target price on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a report on Wednesday, September 9th. One research 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently modified their holdings of IRD. Miller Financial Services LLC grew its position in Opus Genetics by 11.1% in the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after acquiring an additional 3,000 shares during the last quarter. Opaleye Management Inc. boosted its stake in shares of Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after purchasing an additional 5,000 shares during the period. Seven Fleet Capital Management LP boosted its stake in shares of Opus Genetics by 6.6% during the second quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company’s stock valued at $588,000 after purchasing an additional 8,895 shares during the period. Sanders Morris Harris LLC bought a new position in shares of Opus Genetics in the third quarter worth about $58,000. Finally, Engineers Gate Manager LP bought a new position in shares of Opus Genetics in the second quarter worth about $50,000. 14.97% of the stock is owned by 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.