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

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

Opus Genetics Stock Up 4.2%

Opus Genetics stock traded up $0.14 during mid-day trading on Tuesday, hitting $3.46. The company had a trading volume of 1,303,302 shares, compared to its average volume of 1,430,392. The stock has a market cap of $285.96 million, a price-to-earnings ratio of -2.56 and a beta of 0.62. Opus Genetics, Inc. has a 1 year low of $1.70 and a 1 year high of $7.07. The business has a fifty day moving average of $4.50 and a 200 day moving average of $4.11.

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

Analyst Upgrades and Downgrades

IRD has been the topic of several research analyst reports. JonesTrading lifted their price target on shares of Opus Genetics from $10.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 6th. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. BTIG Research restated a “buy” rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. Citizens Jmp reaffirmed a “market outperform” rating and set a $17.00 price objective on shares of Opus Genetics in a report on Friday, October 16th. Finally, Oppenheimer lifted their target price on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Opus Genetics presently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

Institutional Investors Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IRD. Miller Financial Services LLC increased its holdings in shares of Opus Genetics by 11.1% in the 3rd 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 purchased a new stake in Opus Genetics in the 3rd quarter valued at $58,000. Opaleye Management Inc. raised its position in Opus Genetics by 0.4% in the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company’s stock valued at $4,624,000 after purchasing an additional 5,000 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Opus Genetics during the 2nd quarter worth $50,000. Finally, Squarepoint Ops LLC acquired a new stake in Opus Genetics during the 2nd quarter worth $1,360,000. 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 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.