Short Interest in Opus Genetics, Inc. (NASDAQ:IRD) Grows By 81.3%

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,014,121 shares, a growth of 81.3% from the February 26th total of 1,110,696 shares. Based on an average daily trading volume, of 1,322,364 shares, the short-interest ratio is currently 1.5 days. Currently, 3.0% of the company’s stock are short sold.

Opus Genetics Stock Performance

Shares of IRD opened at $4.52 on Friday. Opus Genetics has a fifty-two week low of $0.65 and a fifty-two week high of $5.30. The firm has a 50-day simple moving average of $3.65 and a 200-day simple moving average of $2.54. The company has a market capitalization of $321.60 million, a price-to-earnings ratio of -5.51 and a beta of 0.45.

Insider Buying and Selling at Opus Genetics

In other news, Director Cam Gallagher acquired 83,000 shares of the company’s stock in a transaction on Monday, December 29th. The shares were bought at an average price of $1.97 per share, with a total value of $163,510.00. Following the completion of the acquisition, the director owned 83,000 shares in the company, valued at $163,510. This trade represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO George Magrath sold 24,438 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $5.21, for a total value of $127,321.98. Following the transaction, the chief executive officer directly owned 1,750,855 shares in the company, valued at approximately $9,121,954.55. The trade was a 1.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,692 shares of company stock worth $180,672 over the last quarter. 6.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Occudo Quantitative Strategies LP acquired a new position in shares of Opus Genetics in the fourth quarter valued at approximately $25,000. Comerica Bank acquired a new stake in shares of Opus Genetics during the first quarter worth $29,000. Virtu Financial LLC acquired a new stake in shares of Opus Genetics during the fourth quarter worth $34,000. Raymond James Financial Inc. grew its position in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after buying an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new position in Opus Genetics in the 4th quarter valued at $40,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IRD shares. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. B. Riley Financial initiated coverage on Opus Genetics in a research note on Wednesday, December 10th. They issued a “buy” rating and a $9.00 price objective for the company. BTIG Research increased their price objective on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a report on Monday, March 2nd. upgraded shares of Opus Genetics to a “strong-buy” rating in a research report on Monday, December 1st. Finally, Oppenheimer began coverage on shares of Opus Genetics in a report on Monday, March 16th. They issued an “outperform” rating and a $10.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

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.