Benjamin Yerxa Sells 7,429 Shares of Opus Genetics (NASDAQ:IRD) Stock

Key Points

• Insider sale: Opus Genetics President Benjamin Yerxa sold 7,429 shares at an average price of $2.97, generating $22,064.13. The sale covered tax withholding obligations, leaving him with 704,106 shares.
• Weak quarterly results: The company reported a quarterly loss of $0.75 per share, missing the $0.16 consensus estimate, while revenue of $2.16 million also fell short of expectations.
• Mixed but generally positive outlook: Shares recently traded at $3.46, while analysts maintained a “Moderate Buy” consensus with an average price target of $10.77; institutional investors own 14.97% of the stock.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) President Benjamin Yerxa sold 7,429 shares of the business's stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.97, for a total transaction of $22,064.13. Following the completion of the sale, the president directly owned 704,106 shares of the company's stock, valued at $2,091,194.82. This represents a 1.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

Shares of Opus Genetics stock traded up $0.12 during midday trading on Tuesday, reaching $3.46. 312,042 shares of the company's stock traded hands, compared to its average volume of 939,716. Opus Genetics, Inc. has a 52 week low of $1.04 and a 52 week high of $5.81. The company's 50 day simple moving average is $3.91 and its 200 day simple moving average is $4.02. The company has a market cap of $286.11 million, a price-to-earnings ratio of -2.60 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.59). The business had revenue of $2.16 million during the quarter, compared to the consensus estimate of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. As a group, equities research analysts predict that Opus Genetics, Inc. will post -1.08 earnings per share for the current year.

Hedge Funds Weigh In On Opus Genetics

Several large investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new position in shares of Opus Genetics in the first quarter valued at $29,000. Royal Bank of Canada acquired a new stake in shares of Opus Genetics during the 1st quarter valued at about $299,000. Nantahala Capital Management LLC boosted its position in shares of Opus Genetics by 6.0% during the 2nd quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock valued at $3,152,000 after acquiring an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC increased its stake in Opus Genetics by 47.8% in the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock valued at $1,128,000 after acquiring an additional 387,536 shares during the period. Finally, Opaleye Management Inc. increased its stake in Opus Genetics by 3.8% in the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock valued at $1,149,000 after acquiring an additional 45,000 shares during the period. Institutional investors and hedge funds own 14.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Royal Bank Of Canada initiated coverage on Opus Genetics in a report on Tuesday, June 23rd. They set an "outperform" rating and a $10.00 price objective on the stock. Leerink Partners began coverage on Opus Genetics in a report on Thursday, May 21st. They issued an "outperform" rating and a $10.00 target price for the company. Cantor Fitzgerald started coverage on Opus Genetics in a research report on Monday, March 30th. They set an "overweight" rating and a $15.00 target price for the company. Zacks Research downgraded Opus Genetics from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $8.00 price target on shares of Opus Genetics in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Opus Genetics presently has an average rating of "Moderate Buy" and an average price target of $10.77.

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.

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