Opus Genetics (NASDAQ:IRD) CEO George Magrath Sells 9,591 Shares of Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,591 shares of the business’s stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.58, for a total transaction of $34,335.78. Following the transaction, the chief executive officer directly owned 2,038,894 shares of the company’s stock, valued at $7,299,240.52. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Price Performance

Shares of IRD stock opened at $3.46 on Wednesday. Opus Genetics, Inc. has a 12-month low of $1.70 and a 12-month high of $7.07. The business has a 50 day simple moving average of $4.49 and a 200 day simple moving average of $4.13.

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

Opus Genetics News Roundup

Here are the key news stories impacting Opus Genetics this week:

• Positive Sentiment: Wall Street brokerages now rate Opus Genetics a “Moderate Buy,” suggesting analysts see potential upside in the company’s gene-therapy pipeline and valuation. Opus Genetics Stock Now Rated Moderate Buy by Wall Street Brokerages
• Neutral Sentiment: Reported short interest was listed at zero shares as of October 26, producing a zero-day days-to-cover ratio. This suggests little evidence of meaningful bearish positioning, although the report’s description of a “significant increase” conflicts with the zero-share figure and limits its usefulness as a trading signal.
• Neutral Sentiment: Opus Genetics’ CEO, CFO, president and COO collectively sold approximately 61,547 shares worth $218,496 on October 23. Each filing stated that the sales were made to cover tax-withholding obligations tied to vested equity awards, rather than for discretionary liquidation. The executives continued to hold substantial positions after the transactions. CEO Form 4 filing CFO Form 4 filing

Institutional Investors Weigh In On Opus Genetics

Institutional investors and hedge funds have recently bought and sold shares of the business. Miller Financial Services LLC increased its stake in Opus Genetics by 11.1% in the third quarter. Miller Financial Services LLC now owns 30,000 shares of the company’s stock valued at $145,000 after acquiring an additional 3,000 shares during the period. Sanders Morris Harris LLC bought a new position in Opus Genetics in the 3rd quarter valued at $58,000. Opaleye Management Inc. raised its holdings in shares of Opus Genetics by 0.4% in the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after buying an additional 5,000 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Opus Genetics in the second quarter worth about $50,000. Finally, Squarepoint Ops LLC bought a new position in Opus Genetics in the 2nd quarter worth approximately $1,360,000. Institutional investors own 14.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IRD. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. BTIG Research reissued a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Oppenheimer increased their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Finally, Chardan Capital restated a “buy” rating and issued a $16.00 price objective on shares of Opus Genetics in a research note on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.

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.