Opus Genetics (NASDAQ:IRD) Director Fighting Blindness Foundation Sells 556,000 Shares of Company Stock

Key Points

• Fighting Blindness Foundation sold 556,000 Opus Genetics shares at an average price of $4.96, generating approximately $2.76 million. The sale reduced its stake by 14.66% to 3.24 million shares.
• Opus Genetics shares recently traded at $4.58, up 1.6%, with the stock ranging from $1.70 to $7.07 over the past year. The company reported a quarterly loss of $0.14 per share, better than analyst expectations, but revenue of $0.76 million fell short of estimates.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $11.92. Several hedge funds also established or increased positions, though institutional ownership stands at 14.97%.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $4.96, for a total value of $2,757,760.00. Following the sale, the director owned 3,236,171 shares of the company's stock, valued at $16,051,408.16. This represents a 14.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Opus Genetics Stock Up 1.6%

NASDAQ IRD traded up $0.07 during trading hours on Friday, reaching $4.58. The company's stock had a trading volume of 1,789,535 shares, compared to its average volume of 5,014,174. The firm's 50-day moving average price is $4.37 and its 200-day moving average price is $4.41. Opus Genetics, Inc. has a 1 year low of $1.70 and a 1 year high of $7.07.

Opus Genetics (NASDAQ:IRD - Get Free Report) last posted 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. The business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. Research analysts predict that Opus Genetics, Inc. will post -0.99 EPS for the current fiscal year.

Institutional Trading of Opus Genetics

Several hedge funds have recently modified their holdings of IRD. BlackRock Inc. purchased a new position in shares of Opus Genetics in the second quarter valued at $12,809,000. Nantahala Capital Management LLC purchased a new stake in Opus Genetics during the second quarter valued at $12,582,185. Trails Edge Capital Partners LP purchased a new stake in Opus Genetics during the second quarter valued at $11,276,434. ADAR1 Capital Management LLC lifted its position in Opus Genetics by 4,522.5% during the first quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock valued at $8,413,000 after purchasing an additional 1,809,004 shares during the last quarter. Finally, Opaleye Management Inc. lifted its position in Opus Genetics by 0.4% during the second quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock valued at $4,624,000 after purchasing an additional 5,000 shares during the last quarter. 14.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IRD has been the subject of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. Oppenheimer boosted their price target 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. Guggenheim assumed coverage on shares of Opus Genetics in a report on Thursday, June 4th. They set a "buy" rating and a $16.00 price objective for the company. Citizens Jmp reissued a "market outperform" rating and set a $11.00 price objective on shares of Opus Genetics in a report on Monday, June 15th. Finally, BTIG Research restated a "buy" rating and set a $12.00 price objective on shares of Opus Genetics in a research report on Wednesday, September 9th. 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 issued a Sell rating to the company. According to data from MarketBeat, Opus Genetics currently has an average rating of "Moderate Buy" and an average price target of $11.92.

About Opus Genetics

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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