Opus Genetics (NASDAQ:IRD) CEO George Magrath Sells 28,258 Shares of Company Stock

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

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

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

Opus Genetics Stock Performance

Shares of Opus Genetics stock opened at $4.01 on Friday. Opus Genetics, Inc. has a 12-month low of $1.70 and a 12-month high of $7.07. The firm’s 50 day simple moving average is $4.47 and its two-hundred day simple moving average is $4.19.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $2.63 million. Sell-side analysts anticipate that Opus Genetics, Inc. will post -0.97 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Zacks Research upgraded Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Chardan Capital reiterated a “buy” rating and set a $16.00 price target on shares of Opus Genetics in a research note on Thursday, October 22nd. Wedbush increased their price objective on Opus Genetics from $10.00 to $13.00 and gave the company an “outperform” rating in a report on Thursday, September 10th. Wall Street Zen upgraded Opus Genetics from a “sell” rating to a “hold” rating in a research note on Sunday, October 4th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $17.00 target price on shares of Opus Genetics in a report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.71.

Institutional Trading of Opus Genetics

Hedge funds and other institutional investors have recently made changes to their positions in the business. StoneRidge PMG Advisors LLC purchased a new position in shares of Opus Genetics during the 3rd quarter valued at about $61,000. StoneX Group Inc. purchased a new stake in shares of Opus Genetics in the third quarter worth about $76,000. Miller Financial Services LLC boosted its stake in shares of Opus Genetics by 11.1% in the third quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock worth $145,000 after buying an additional 3,000 shares during the last quarter. Sanders Morris Harris LLC acquired a new stake in Opus Genetics during the third quarter worth about $58,000. Finally, Opaleye Management Inc. grew its holdings in Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock worth $4,624,000 after acquiring an additional 5,000 shares during the period. Institutional investors and hedge funds own 14.97% of the company’s stock.

About Opus Genetics

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.