Opus Genetics (NASDAQ:IRD) Announces Earnings Results

Opus Genetics (NASDAQ:IRD) announced its quarterly earnings data on Thursday. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02, FiscalAI reports. The firm had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.

Opus Genetics Stock Down 1.6%

Shares of NASDAQ:IRD traded down $0.06 during trading on Friday, hitting $3.66. The stock had a trading volume of 915,127 shares, compared to its average volume of 907,318. The company has a market capitalization of $302.19 million, a PE ratio of -2.71 and a beta of 0.59. The firm’s fifty day moving average is $3.81 and its 200 day moving average is $4.11. Opus Genetics has a 12 month low of $1.04 and a 12 month high of $5.81.

Analyst Upgrades and Downgrades

IRD has been the subject of a number of recent analyst reports. Guggenheim began coverage on shares of Opus Genetics in a report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target for the company. B. Riley Financial reissued a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Citizens Jmp reiterated a “market outperform” rating and set a $11.00 target price on shares of Opus Genetics in a report on Monday, June 15th. Citigroup initiated coverage on Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating on the stock. Finally, Chardan Capital restated a “buy” rating and set a $13.00 price target on shares of Opus Genetics in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.69.

Insider Activity

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of Opus Genetics stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the completion of the transaction, the director directly owned 3,792,171 shares in the company, valued at approximately $16,495,943.85. This trade represents a 30.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. 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. Insiders have sold 1,729,331 shares of company stock worth $7,481,629 in the last three months. 11.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IRD. Occudo Quantitative Strategies LP bought a new position in shares of Opus Genetics during the fourth quarter valued at $25,000. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter valued at $29,000. Virtu Financial LLC purchased a new stake in shares of Opus Genetics during the fourth quarter valued at $34,000. Raymond James Financial Inc. grew its stake in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after acquiring an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in Opus Genetics in the 4th quarter worth approximately $40,000. Hedge funds and other 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.