ADAR1 Capital Management LLC Takes $7.33 Million Position in Opus Genetics, Inc. $IRD

Key Points

• ADAR1 Capital Management acquired 1.78 million shares of Opus Genetics, valued at approximately $7.33 million, giving it a 2.16% stake. Institutional investors and hedge funds collectively own 14.97% of the company.
• Opus Genetics reported a quarterly loss of $0.14 per share, better than analysts’ expected $0.16 loss, but revenue of $0.76 million fell well short of the $2.63 million consensus estimate. The company remains deeply unprofitable, with a negative net margin exceeding 1,000%.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $10.69 versus the stock’s reported price of $4.11. CEO George Magrath sold a small number of shares to cover tax withholding on vested equity awards.

ADAR1 Capital Management LLC acquired a new position in Opus Genetics, Inc. (NASDAQ:IRD - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,783,781 shares of the company's stock, valued at approximately $7,331,000. ADAR1 Capital Management LLC owned 2.16% of Opus Genetics as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in IRD. Comerica Bank acquired a new stake in Opus Genetics in the 1st quarter valued at approximately $29,000. Royal Bank of Canada acquired a new stake in shares of Opus Genetics in the first quarter worth $299,000. Nantahala Capital Management LLC grew its stake in shares of Opus Genetics by 6.0% in the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock worth $3,152,000 after acquiring an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC increased its position in Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock worth $1,128,000 after acquiring an additional 387,536 shares during the period. Finally, Opaleye Management Inc. increased its position in Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock worth $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.

Insiders Place Their Bets

In related news, CEO George Magrath sold 9,475 shares of the company's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares of the company's stock, valued at $5,109,013.55. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 29,331 shares of company stock valued at $86,629 over the last quarter. Insiders own 11.70% of the company's stock.

Opus Genetics Price Performance

IRD opened at $4.11 on Wednesday. The company has a market capitalization of $339.69 million, a P/E ratio of -3.04 and a beta of 0.59. The firm's fifty day moving average price is $3.76 and its two-hundred day moving average price is $4.24. Opus Genetics, Inc. has a fifty-two week low of $1.17 and a fifty-two week high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. On average, equities research analysts expect that Opus Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup assumed coverage on shares of Opus Genetics in a research report on Tuesday, April 28th. They issued an "outperform" rating on the stock. B. Riley Financial reaffirmed a "buy" rating on shares of Opus Genetics in a research report on Thursday, April 30th. Citizens Jmp reiterated a "market outperform" rating and issued a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Opus Genetics in a research report on Friday, July 17th. Finally, Zacks Research upgraded Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $10.69.

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.

Want to see what other hedge funds are holding IRD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Opus Genetics, Inc. (NASDAQ:IRD - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source