Opus Genetics (NASDAQ:IRD) CEO George Magrath Sells 28,258 Shares of Stock

Key Points

• Opus Genetics CEO George Magrath sold 28,258 shares for $110,206 at an average price of $3.90. The sale covered tax withholding on vested equity awards, and he retained 2,010,636 shares.
• IRD shares traded at $4.01, down $0.26 on the day. The company reported quarterly EPS of -$0.14, beating estimates, but revenue of $0.76 million fell short of the $2.63 million consensus.
• Analysts’ average rating is Moderate Buy, with an average price target of $12.71; institutional investors and hedge funds own 14.97% of the stock.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) CEO George Magrath sold 28,258 shares of the company's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $110,206.20. Following the sale, the chief executive officer owned 2,010,636 shares of the company's stock, valued at approximately $7,841,480.40. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

George Magrath also recently made the following trade(s):

• On Friday, October 23rd, George Magrath sold 9,591 shares of Opus Genetics stock. The stock was sold at an average price of $3.58, for a total value of $34,335.78.

Opus Genetics Stock Performance

Shares of NASDAQ IRD traded down $0.26 during mid-day trading on Thursday, reaching $4.01. The company had a trading volume of 1,473,773 shares, compared to its average volume of 1,418,146. The firm has a market cap of $331.42 million, a price-to-earnings ratio of -2.97 and a beta of 0.80. The business's 50-day simple moving average is $4.46 and its 200 day simple moving average is $4.18. Opus Genetics, Inc. has a one year low of $1.70 and a one year high of $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $0.76 million for the quarter, compared to the consensus estimate of $2.63 million. On average, sell-side analysts anticipate that Opus Genetics, Inc. will post -0.97 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Sanders Morris Harris LLC bought a new stake in shares of Opus Genetics during the third quarter worth $58,000. Engineers Gate Manager LP acquired a new position in shares of Opus Genetics during the second quarter worth $50,000. Stoneridge Investment Partners LLC acquired a new position in shares of Opus Genetics during the second quarter worth $47,000. StoneRidge PMG Advisors LLC bought a new position in shares of Opus Genetics in the 3rd quarter valued at $61,000. Finally, StoneX Group Inc. bought a new position in shares of Opus Genetics in the 3rd quarter valued at $76,000. Institutional investors and hedge funds own 14.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on IRD shares. Wedbush upped their price target on shares of Opus Genetics from $10.00 to $13.00 and gave the stock an "outperform" rating in a report on Thursday, September 10th. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a research note on Sunday, October 4th. Citizens Jmp reissued a "market outperform" rating and issued a $17.00 price objective on shares of Opus Genetics in a research note on Friday, October 16th. Oppenheimer boosted their price objective on shares of Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a research report on Wednesday, September 9th. Finally, BTIG Research restated a "buy" rating and set a $12.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. One investment 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 company's stock. According to data from MarketBeat.com, Opus Genetics currently has an average rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.