Insider Selling: Opus Genetics (NASDAQ:IRD) CFO Sells 28,000 Shares

Opus Genetics, Inc. (NASDAQ:IRD) CFO Robert Gagnon sold 28,000 shares of Opus Genetics stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer owned 556,375 shares of the company’s stock, valued at $2,525,942.50. This represents a 4.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Down 7.1%

NASDAQ IRD traded down $0.33 on Tuesday, hitting $4.34. 2,257,136 shares of the company were exchanged, compared to its average volume of 987,026. The company has a market cap of $358.69 million, a PE ratio of -3.21 and a beta of 0.58. The stock has a fifty day moving average of $3.79 and a 200-day moving average of $4.29. Opus Genetics, Inc. has a 12 month low of $1.32 and a 12 month high of $5.81.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating 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. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. On average, analysts expect that Opus Genetics, Inc. will post -0.99 earnings per share for the current year.

Institutional Investors Weigh In On Opus Genetics

Several institutional investors have recently bought and sold shares of IRD. Nantahala Capital Management LLC lifted its stake in Opus Genetics by 42.9% during the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock valued at $9,610,000 after acquiring an additional 1,435,407 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Opus Genetics in the 2nd quarter worth $12,809,000. Trails Edge Capital Partners LP bought a new stake in shares of Opus Genetics in the 2nd quarter worth $11,276,434. Balyasny Asset Management L.P. purchased a new stake in shares of Opus Genetics in the fourth quarter valued at about $5,463,000. Finally, Millennium Management LLC bought a new position in shares of Opus Genetics during the fourth quarter valued at about $4,025,000. Institutional investors own 14.97% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on IRD. Guggenheim began coverage on Opus Genetics in a report on Thursday, June 4th. They issued a “buy” rating and a $16.00 price target on the stock. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. BTIG Research reiterated a “buy” rating and issued a $12.00 target price on shares of Opus Genetics in a report on Monday, July 6th. Citizens Jmp reissued a “market outperform” rating and issued a $11.00 price target on shares of Opus Genetics in a research report on Monday, June 15th. Finally, TD Cowen assumed coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.69.

About Opus Genetics

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.