Opus Genetics, Inc. $IRD Shares Sold by Perceptive Advisors LLC

Key Points

• Perceptive Advisors cut its Opus Genetics stake by 57.6% in the first quarter, selling 2.49 million shares and retaining 1.84 million shares, or about 2.26% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $10.77, despite Zacks Research downgrading the stock to “Strong Sell.”
• Opus Genetics shares opened at $3.71, while the company reported a larger-than-expected quarterly loss of $0.75 per share and revenue below estimates; insiders have sold $7.48 million worth of shares over the past 90 days.

Perceptive Advisors LLC lowered its position in shares of Opus Genetics, Inc. (NASDAQ:IRD - Free Report) by 57.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,835,842 shares of the company's stock after selling 2,489,158 shares during the quarter. Perceptive Advisors LLC owned about 2.26% of Opus Genetics worth $8,353,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Occudo Quantitative Strategies LP purchased a new position in Opus Genetics in the fourth quarter valued at approximately $25,000. Comerica Bank purchased a new stake in Opus Genetics during the first quarter worth approximately $29,000. Virtu Financial LLC purchased a new stake in Opus Genetics during the fourth quarter worth approximately $34,000. Raymond James Financial Inc. increased its position in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock worth $37,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics in the fourth quarter worth $40,000. Institutional investors and hedge funds own 14.97% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IRD shares. Zacks Research downgraded shares of Opus Genetics from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. TD Cowen started coverage on shares of Opus Genetics in a research report on Wednesday. They set a "buy" rating for the company. Royal Bank Of Canada assumed coverage on Opus Genetics in a report on Tuesday, June 23rd. They issued an "outperform" rating and a $10.00 price target for the company. B. Riley Financial reissued a "buy" rating on shares of Opus Genetics in a research report on Thursday, April 30th. Finally, BTIG Research restated a "buy" rating and set a $12.00 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 issued a Buy rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.77.

Insider Buying and Selling at Opus Genetics

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

Opus Genetics Stock Down 3.4%

Shares of NASDAQ:IRD opened at $3.71 on Friday. The company has a market capitalization of $306.32 million, a price-to-earnings ratio of -2.79 and a beta of 0.55. The company has a 50 day moving average of $3.86 and a two-hundred day moving average of $4.05. Opus Genetics, Inc. has a 52-week low of $1.04 and a 52-week high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted 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). The firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%. On average, equities analysts anticipate that Opus Genetics, Inc. will post -1.1 earnings per share for the current year.

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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