Trails Edge Capital Partners LP Takes $11.28 Billion Position in Opus Genetics, Inc. $IRD

Key Points

• Trails Edge Capital Partners acquired 2.74 million shares of Opus Genetics, valued at approximately $11.28 billion, representing a 3.32% stake and 1.8% of its portfolio.
• Analyst sentiment is broadly positive: Opus Genetics has a consensus rating of “Moderate Buy” and an average price target of $10.69, well above the reported share price of $4.11.
• Opus Genetics exceeded quarterly EPS expectations with a loss of $0.14 per share versus the expected $0.16 loss, but revenue of $0.76 million fell short of the $2.63 million consensus estimate.

Trails Edge Capital Partners LP purchased a new position in Opus Genetics, Inc. (NASDAQ:IRD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,743,658 shares of the company's stock, valued at approximately $11,276,434,000. Opus Genetics comprises 1.8% of Trails Edge Capital Partners LP's investment portfolio, making the stock its 22nd largest position. Trails Edge Capital Partners LP owned about 3.32% of Opus Genetics at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Blair William & Co. IL lifted its holdings in Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company's stock valued at $55,000 after buying an additional 3,000 shares in the last quarter. Raymond James Financial Inc. boosted its position in 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 buying an additional 11,000 shares during the period. Occudo Quantitative Strategies LP bought a new position in Opus Genetics in the 4th quarter worth about $25,000. Stoneridge Investment Partners LLC bought a new position in Opus Genetics in the 2nd quarter worth about $47,000. Finally, State of Wyoming purchased a new position in shares of Opus Genetics during the second quarter worth approximately $65,000. Hedge funds and other institutional investors own 14.97% of the company's stock.

Analyst Upgrades and Downgrades

IRD has been the subject of several research analyst reports. Guggenheim started coverage on shares of Opus Genetics in a research note on Thursday, June 4th. They set a "buy" rating and a $16.00 price target for the company. TD Cowen assumed coverage on Opus Genetics in a research note on Wednesday, July 29th. They issued a "buy" rating on the stock. Leerink Partners began coverage on Opus Genetics in a report on Thursday, May 21st. They set an "outperform" rating and a $10.00 price objective on the stock. BTIG Research reaffirmed a "buy" rating and set a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. Finally, Wall Street Zen upgraded Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $10.69.

Insider Buying and Selling

In related news, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,731,869 shares in the company, valued at $5,109,013.55. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 29,331 shares of company stock valued at $86,629. 11.70% of the stock is owned by company insiders.

Opus Genetics Price Performance

Shares of NASDAQ:IRD opened at $4.11 on Wednesday. The business's 50-day moving average is $3.76 and its 200 day moving average is $4.24. Opus Genetics, Inc. has a 1 year low of $1.17 and a 1 year high of $5.81. The firm has a market capitalization of $339.69 million, a P/E ratio of -3.04 and a beta of 0.59.

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