Short Interest in Opus Genetics, Inc. (NASDAQ:IRD) Grows By 81.3%

Opus Genetics, Inc. (NASDAQ:IRD) saw a large growth in short interest in the month of 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 trading volume of 1,322,364 shares, the short-interest ratio is currently 1.5 days. Approximately 3.0% of the shares of the company are sold short.

Opus Genetics Trading Down 4.8%

Shares of IRD opened at $4.52 on Friday. Opus Genetics has a twelve month low of $0.65 and a twelve month high of $5.30. The firm has a market capitalization of $321.60 million, a P/E ratio of -5.51 and a beta of 0.45. The firm’s 50-day moving average is $3.65 and its two-hundred day moving average is $2.54.

Insider Buying and Selling at Opus Genetics

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

Institutional Investors Weigh In On Opus Genetics

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on IRD shares. Lifesci Capital upgraded Opus Genetics to a “strong-buy” rating in a research report on Thursday, February 12th. BTIG Research lifted their price target on Opus Genetics from $7.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. raised Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. Oppenheimer assumed coverage on Opus Genetics in a report on Monday, March 16th. They set an “outperform” rating and a $10.00 price objective on the stock. Finally, B. Riley Financial began coverage on Opus Genetics in a report on Wednesday, December 10th. They issued a “buy” rating and a $9.00 target price for the company. 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. Based on data from MarketBeat.com, Opus Genetics has a consensus 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.