Nantahala Capital Management LLC Makes New Investment in Opus Genetics, Inc. $IRD

Key Points

• Nantahala Capital Management purchased 3.06 million Opus Genetics shares worth approximately $12.6 million, giving it a 3.7% stake. Institutional investors collectively own 14.97% of the company.
• Opus Genetics reported a quarterly loss of $0.14 per share, beating estimates by $0.02, but revenue of $0.76 million fell well short of the $2.63 million consensus forecast. Shares opened at $3.69, compared with a 52-week range of $1.17 to $5.81.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $10.69. The CEO’s recent sale of 9,475 shares was made to cover tax obligations tied to vested equity awards.

Nantahala Capital Management LLC purchased a new stake in shares of Opus Genetics, Inc. (NASDAQ:IRD - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,061,359 shares of the company's stock, valued at approximately $12,582,185. Nantahala Capital Management LLC owned about 3.70% of Opus Genetics as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Occudo Quantitative Strategies LP bought a new position in Opus Genetics in the 4th quarter worth $25,000. Comerica Bank acquired a new stake in Opus Genetics during the first quarter worth $29,000. Virtu Financial LLC acquired a new stake in shares of Opus Genetics during the 4th quarter valued at about $34,000. Raymond James Financial Inc. grew its stake in shares of Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock valued at $37,000 after purchasing an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought 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.

Opus Genetics Stock Performance

Shares of IRD opened at $3.69 on Friday. The stock has a 50 day simple moving average of $3.74 and a 200 day simple moving average of $4.25. Opus Genetics, Inc. has a 52-week low of $1.17 and a 52-week high of $5.81. The firm has a market capitalization of $304.98 million, a PE ratio of -2.73 and a beta of 0.59.

Opus Genetics (NASDAQ:IRD - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. Equities research analysts predict that Opus Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Analysts Set New Price Targets

IRD has been the topic of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, June 17th. Guggenheim began coverage on shares of Opus Genetics in a research report on Thursday, June 4th. They set a "buy" rating and a $16.00 target price on the stock. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price target on the stock. Citizens Jmp reaffirmed a "market outperform" rating and issued a $11.00 target price on shares of Opus Genetics in a research note on Monday, June 15th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $13.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.69.

Insider Activity

In related news, CEO George Magrath sold 9,475 shares of the firm's stock in a transaction on Thursday, July 23rd. The shares were 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 29,331 shares of company stock valued at $86,629 in the last 90 days. 11.70% of the stock is owned by company insiders.

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.

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