Squarepoint Ops LLC Takes $1.36 Million Position in Opus Genetics, Inc. $IRD

Key Points

• Squarepoint Ops LLC acquired 330,783 shares of Opus Genetics during the second quarter, valued at approximately $1.36 million and representing about 0.40% of the company. Institutional investors and hedge funds collectively own 14.97% of the stock.
• Opus Genetics reported a quarterly loss of $0.14 per share, better than the expected $0.16 loss, but revenue of $0.76 million significantly missed estimates of $2.63 million. The company remains deeply unprofitable, with a negative net margin exceeding 1,000%.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $11.92 versus the reported share price of $5.41. Recent targets range from $8 to $12, while insiders have sold shares primarily to cover tax withholding on vested equity awards.

Squarepoint Ops LLC purchased a new stake in Opus Genetics, Inc. (NASDAQ:IRD - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 330,783 shares of the company's stock, valued at approximately $1,360,000. Squarepoint Ops LLC owned about 0.40% of Opus Genetics as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IRD. Stoneridge Investment Partners LLC bought a new stake in Opus Genetics during the 2nd quarter worth about $47,000. State of Wyoming bought a new position in shares of Opus Genetics in the 2nd quarter valued at about $65,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $66,000. Empowered Funds LLC acquired a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $173,000. Finally, Regency Capital Management Inc. DE acquired a new position in Opus Genetics in the fourth quarter valued at approximately $92,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Robert Gagnon sold 28,000 shares of Opus Genetics stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the transaction, the chief financial officer directly owned 556,375 shares of the company's stock, valued at $2,525,942.50. This trade represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed 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. Also, 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 transaction 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 $5,109,013.55. This trade represents a 0.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 57,331 shares of company stock worth $213,749. Insiders own 11.70% of the company's stock.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $5.41 on Thursday. The company has a market capitalization of $447.14 million, a price-to-earnings ratio of -4.01 and a beta of 0.58. The firm's 50 day simple moving average is $3.99 and its 200 day simple moving average is $4.39. Opus Genetics, Inc. has a fifty-two week low of $1.38 and a fifty-two week high of $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued 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. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The firm had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Equities research analysts expect that Opus Genetics, Inc. will post -0.99 earnings per share for the current year.

Analyst Ratings Changes

IRD has been the topic of a number of recent research reports. Zacks Research raised shares of Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. HC Wainwright reiterated a "buy" rating and set a $8.00 target price on shares of Opus Genetics in a research report on Wednesday, September 9th. Citizens Jmp reissued a "market outperform" rating and issued a $11.00 price target on shares of Opus Genetics in a research note on Monday, June 15th. BTIG Research restated a "buy" rating and issued a $12.00 price target on shares of Opus Genetics in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada reduced their price target on Opus Genetics from $10.00 to $9.00 and set an "outperform" rating on the stock in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Opus Genetics currently has a consensus rating of "Moderate Buy" and an average target price of $11.92.

Opus Genetics Profile

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.

Opus Genetics' pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.

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