Opus Genetics, Inc. (NASDAQ:IRD) Short Interest Up 81.3% in March

Opus Genetics, Inc. (NASDAQ:IRD) was the target of a large growth in short interest in 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 days-to-cover ratio is presently 1.5 days. Approximately 3.0% of the shares of the company are short sold.

Insider Activity at Opus Genetics

In other Opus Genetics news, Director Cam Gallagher purchased 83,000 shares of Opus Genetics stock in a transaction on Monday, December 29th. The stock was bought at an average price of $1.97 per share, for a total transaction of $163,510.00. Following the transaction, the director owned 83,000 shares of the company’s stock, valued at $163,510. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO George Magrath sold 24,438 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $5.21, for a total value of $127,321.98. Following the completion of the transaction, the chief executive officer directly owned 1,750,855 shares of the company’s stock, valued at approximately $9,121,954.55. The trade was a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 34,692 shares of company stock worth $180,672. 6.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Opus Genetics

Several hedge funds have recently made changes to their positions in IRD. Occudo Quantitative Strategies LP acquired a new stake in Opus Genetics during the fourth quarter valued at approximately $25,000. Comerica Bank acquired a new position in Opus Genetics in the first quarter worth approximately $29,000. Virtu Financial LLC bought a new position in shares of Opus Genetics in the fourth quarter valued at $34,000. Raymond James Financial Inc. lifted its position in shares of Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics during the 4th quarter valued at $40,000. Institutional investors and hedge funds own 14.97% of the company’s stock.

Opus Genetics Trading Down 3.8%

IRD stock traded down $0.17 during trading hours on Friday, hitting $4.35. 335,630 shares of the stock traded hands, compared to its average volume of 1,076,469. The stock has a 50-day simple moving average of $3.70 and a 200 day simple moving average of $2.57. The company has a market cap of $309.50 million, a P/E ratio of -5.30 and a beta of 0.45. Opus Genetics has a one year low of $0.65 and a one year high of $5.30.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IRD shares. Craig Hallum set a $9.00 price objective on shares of Opus Genetics and gave the stock a “buy” rating in a report on Wednesday, March 11th. Lifesci Capital raised shares of Opus Genetics to a “strong-buy” rating in a research note on Thursday, February 12th. Chardan Capital boosted their price target on shares of Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, January 22nd. Finally, Wedbush raised their price objective on shares of Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.33.

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.