George Magrath Sells 9,475 Shares of Opus Genetics (NASDAQ:IRD) Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,475 shares of the company’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the completion of the transaction, the chief executive officer directly owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $3.47 on Thursday. The stock’s 50 day moving average price is $3.88 and its 200 day moving average price is $4.04. Opus Genetics, Inc. has a 52 week low of $1.04 and a 52 week high of $5.81. The company has a market capitalization of $286.50 million, a P/E ratio of -2.61 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. As a group, sell-side analysts forecast that Opus Genetics, Inc. will post -1.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Zacks Research downgraded Opus Genetics from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Citizens Jmp reaffirmed a “market outperform” rating and set a $11.00 price objective on shares of Opus Genetics in a report on Monday, June 15th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, June 17th. Wall Street Zen lowered Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Leerink Partners assumed coverage on Opus Genetics in a report on Thursday, May 21st. They set an “outperform” rating and a $10.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.77.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics during the fourth quarter valued at about $5,463,000. Millennium Management LLC acquired a new stake in Opus Genetics during the fourth quarter worth about $4,025,000. ADAR1 Capital Management LLC increased its stake in Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company’s stock valued at $8,413,000 after acquiring an additional 1,809,004 shares during the period. Nantahala Capital Management LLC increased its stake in Opus Genetics by 42.9% during the fourth 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 during the period. Finally, Mink Brook Asset Management LLC raised its holdings in Opus Genetics by 34.5% in the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock valued at $3,348,000 after acquiring an additional 427,684 shares in the last quarter. Institutional investors own 14.97% of the company’s stock.

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.