Opus Genetics (NASDAQ:IRD) Stock: Insider George Magrath Sells 28,258 Shares

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 28,258 shares of the firm’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $3.90, for a total value of $110,206.20. Following the transaction, the chief executive officer owned 2,010,636 shares in the company, valued at $7,841,480.40. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal 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.

George Magrath also recently made the following trade(s):

• On Friday, October 23rd, George Magrath sold 9,591 shares of Opus Genetics stock. The shares were sold at an average price of $3.58, for a total value of $34,335.78.

Opus Genetics Stock Performance

Shares of NASDAQ:IRD opened at $4.18 on Friday. Opus Genetics, Inc. has a 52 week low of $1.70 and a 52 week high of $7.07. The company’s fifty day moving average is $4.47 and its 200-day moving average is $4.20. The company has a market capitalization of $345.48 million, a PE ratio of -3.10 and a beta of 0.80.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate 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. On average, analysts forecast that Opus Genetics, Inc. will post -0.97 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on IRD shares. Chardan Capital restated a “buy” rating and issued a $16.00 target price on shares of Opus Genetics in a research report on Thursday, October 22nd. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday. BTIG Research reissued a “buy” rating and set a $12.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada decreased their price objective on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.71.

Hedge Funds Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently bought and sold shares of IRD. StoneRidge PMG Advisors LLC purchased a new stake in Opus Genetics during the 3rd quarter valued at about $61,000. StoneX Group Inc. acquired a new position in Opus Genetics during the third quarter worth $76,000. Miller Financial Services LLC increased its stake in Opus Genetics by 11.1% in the third quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after purchasing an additional 3,000 shares during the period. Sanders Morris Harris LLC purchased a new stake in Opus Genetics in the 3rd quarter valued at approximately $58,000. Finally, Opaleye Management Inc. boosted its stake in shares of Opus Genetics by 0.4% in 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. 14.97% of the stock is owned by institutional investors.

Opus Genetics Company Profile

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.