ADAR1 Capital Management LLC Buys 1,809,004 Shares of Opus Genetics, Inc. $IRD

ADAR1 Capital Management LLC grew its stake in shares of Opus Genetics, Inc. (NASDAQ:IRD - Free Report) by 4,522.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,849,004 shares of the company's stock after acquiring an additional 1,809,004 shares during the quarter. ADAR1 Capital Management LLC owned about 2.27% of Opus Genetics worth $8,413,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Comerica Bank purchased a new position in shares of Opus Genetics during the first quarter valued at approximately $29,000. Royal Bank of Canada bought a new stake in Opus Genetics in the 1st quarter worth approximately $299,000. Nantahala Capital Management LLC raised its stake in 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 buying an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC raised its stake in Opus Genetics by 47.8% during the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock valued at $1,128,000 after buying an additional 387,536 shares during the last quarter. Finally, Opaleye Management Inc. lifted its holdings in shares of Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock valued at $1,149,000 after buying an additional 45,000 shares during the period. Hedge funds and other institutional investors own 14.97% of the company's stock.

Insiders Place Their Bets

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $4.35, for a total value of $7,395,000.00. Following the transaction, the director directly owned 3,792,171 shares in the company, valued at $16,495,943.85. The trade was a 30.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO George Magrath sold 9,475 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,731,869 shares of the company's stock, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,729,331 shares of company stock valued at $7,481,629 in the last quarter. 11.70% of the stock is currently owned by company insiders.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $3.41 on Wednesday. The stock has a 50-day simple moving average of $3.90 and a two-hundred day simple moving average of $4.03. Opus Genetics, Inc. has a 52-week low of $1.04 and a 52-week high of $5.81. The firm has a market capitalization of $281.56 million, a PE ratio of -2.56 and a beta of 0.55.

Opus Genetics (NASDAQ:IRD - Get Free Report) last released its earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $2.93 million. Equities analysts forecast that Opus Genetics, Inc. will post -1.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IRD. Zacks Research cut Opus Genetics from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Wall Street Zen cut Opus Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Guggenheim assumed coverage on Opus Genetics in a research note on Thursday, June 4th. They set a "buy" rating and a $16.00 price target for the company. Citigroup assumed coverage on shares of Opus Genetics in a research report on Tuesday, April 28th. They set an "outperform" rating for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of Opus Genetics in a research note 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. According to MarketBeat.com, Opus Genetics presently has an average rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.