Insider Selling: Opus Genetics (NASDAQ:IRD) CFO Sells $49,700.00 in Stock

Key Points

• Opus Genetics CFO Robert Gagnon sold 14,000 shares at an average price of $3.55, totaling $49,700. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 542,375 shares.
• Shares traded at $3.46, well below their 50-day and 200-day moving averages of $4.50 and $4.11, respectively. The company reported a quarterly loss of $0.14 per share but beat analyst estimates, while revenue of $0.76 million fell short of expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $12.71, although ratings range from “Sell” to “Strong Buy.” Institutional investors own approximately 14.97% of the company.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) CFO Robert Gagnon sold 14,000 shares of Opus Genetics stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.55, for a total value of $49,700.00. Following the transaction, the chief financial officer owned 542,375 shares of the company's stock, valued at approximately $1,925,431.25. This represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Price Performance

NASDAQ:IRD traded up $0.14 during trading hours on Tuesday, reaching $3.46. The company had a trading volume of 1,303,302 shares, compared to its average volume of 1,430,392. Opus Genetics, Inc. has a 1-year low of $1.70 and a 1-year high of $7.07. The business's 50 day moving average price is $4.50 and its 200-day moving average price is $4.11. The firm has a market cap of $285.96 million, a PE ratio of -2.56 and a beta of 0.62.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.02. The firm had revenue of $0.76 million for the quarter, compared to analyst estimates of $2.63 million. On average, analysts expect that Opus Genetics, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Miller Financial Services LLC lifted its holdings in Opus Genetics by 11.1% in the 3rd quarter. Miller Financial Services LLC now owns 30,000 shares of the company's stock valued at $145,000 after purchasing an additional 3,000 shares in the last quarter. Opaleye Management Inc. boosted its stake in Opus Genetics by 0.4% during the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock worth $4,624,000 after purchasing an additional 5,000 shares during the last quarter. Seven Fleet Capital Management LP boosted its stake in Opus Genetics by 6.6% during the 2nd quarter. Seven Fleet Capital Management LP now owns 143,137 shares of the company's stock worth $588,000 after purchasing an additional 8,895 shares during the last quarter. Sanders Morris Harris LLC purchased a new stake in shares of Opus Genetics during the third quarter worth $58,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Opus Genetics during the second quarter worth $50,000. Hedge funds and other institutional investors own 14.97% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Opus Genetics in a report on Thursday, October 15th. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. Citizens Jmp reiterated a "market outperform" rating and issued a $17.00 price objective on shares of Opus Genetics in a research report on Friday, October 16th. Oppenheimer increased their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 9th. Finally, TD Cowen began coverage on Opus Genetics in a research report on Wednesday, July 29th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.71.

Opus Genetics Company 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 and blindness. The company's research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.

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