Opus Genetics Sees Unusually Large Options Volume (NASDAQ:IRD)

Opus Genetics, Inc. (NASDAQ:IRD) was the target of some unusual options trading on Wednesday. Investors acquired 4,820 call options on the company. This is an increase of 681% compared to the average volume of 617 call options.

Insider Activity

In related news, CFO Robert Gagnon sold 28,000 shares of Opus Genetics stock in a transaction dated Thursday, September 3rd. The stock was 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. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 completion of the transaction, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 57,331 shares of company stock valued at $213,749. Company insiders own 11.70% of the company’s stock.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Opus Genetics in the 2nd quarter worth $12,809,000. Nantahala Capital Management LLC purchased a new position in Opus Genetics during the second quarter valued at $12,582,185. Trails Edge Capital Partners LP purchased a new position in Opus Genetics during the second quarter valued at $11,276,434. Balyasny Asset Management L.P. acquired a new stake in shares of Opus Genetics in the fourth quarter valued at about $5,463,000. Finally, Millennium Management LLC acquired a new stake in shares of Opus Genetics in the fourth quarter valued at about $4,025,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Price Performance

NASDAQ IRD traded up $1.64 during trading hours on Wednesday, reaching $5.97. The company’s stock had a trading volume of 30,103,981 shares, compared to its average volume of 1,138,682. The firm has a market capitalization of $493.83 million, a price-to-earnings ratio of -4.44 and a beta of 0.58. Opus Genetics has a 1-year low of $1.32 and a 1-year high of $7.07. The company’s 50-day moving average is $3.79 and its two-hundred day moving average is $4.29.

Opus Genetics (NASDAQ:IRD) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%. Equities analysts forecast that Opus Genetics will post -0.99 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on IRD shares. 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. TD Cowen assumed coverage on shares of Opus Genetics in a report on Wednesday, July 29th. They issued a “buy” rating on the stock. Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, August 16th. Chardan Capital reiterated a “buy” rating and set a $13.00 price objective on shares of Opus Genetics in a research note on Wednesday. Finally, Royal Bank Of Canada decreased their price objective on Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Opus Genetics presently has an average rating of “Moderate Buy” and a consensus price target of $10.69.

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.