Opus Genetics (NASDAQ:IRD) President Sells $22,064.13 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) President Benjamin Yerxa sold 7,429 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.97, for a total transaction of $22,064.13. Following the completion of the sale, the president owned 704,106 shares of the company’s stock, valued at approximately $2,091,194.82. The trade was a 1.04% decrease in their position. The transaction was disclosed in a 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 Price Performance

Shares of IRD stock opened at $3.84 on Friday. The firm has a 50-day moving average of $3.87 and a 200-day moving average of $4.05. The company has a market cap of $317.07 million, a P/E ratio of -2.89 and a beta of 0.55. Opus Genetics, Inc. has a one year low of $1.04 and a one year high of $5.81.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Occudo Quantitative Strategies LP purchased a new stake in shares of Opus Genetics during the 4th quarter worth approximately $25,000. Comerica Bank purchased a new position in Opus Genetics in the first quarter valued at approximately $29,000. Virtu Financial LLC purchased a new position in Opus Genetics in the fourth quarter valued at approximately $34,000. Raymond James Financial Inc. grew its holdings in Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new position in Opus Genetics during the fourth quarter valued at $40,000. 14.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IRD has been the topic of a number of research analyst reports. Royal Bank Of Canada started coverage on Opus Genetics in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 target price on the stock. Guggenheim assumed coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target for the company. Leerink Partners initiated coverage on Opus Genetics in a report on Thursday, May 21st. They set an “outperform” rating and a $10.00 price target on the stock. Zacks Research cut Opus Genetics from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Citigroup began coverage on Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.77.

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.