Opus Genetics (NASDAQ:IRD) President Sells $117,489.06 in Stock

Key Points

• Opus Genetics President Benjamin Yerxa sold 33,189 shares for approximately $117,489, reducing his direct holdings by 4.71% to 670,917 shares. The sale covered tax withholding obligations tied to vested equity awards.
• The stock traded around $3.46, with a market capitalization of approximately $286 million; shares have ranged from $1.70 to $7.07 over the past year. The company remains unprofitable, though its latest quarterly EPS loss of $0.14 was better than analysts expected.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $12.71, despite one sell rating. Institutional investors own roughly 15% of the company, and several funds recently initiated or increased positions.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) President Benjamin Yerxa sold 33,189 shares of the business's stock in a transaction that occurred on Friday, October 23rd. The shares were sold at an average price of $3.54, for a total value of $117,489.06. Following the completion of the sale, the president directly owned 670,917 shares of the company's stock, valued at approximately $2,375,046.18. The trade was a 4.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

Shares of Opus Genetics stock traded up $0.14 during midday trading on Tuesday, reaching $3.46. 1,303,302 shares of the company's stock traded hands, compared to its average volume of 1,430,392. Opus Genetics, Inc. has a 52 week low of $1.70 and a 52 week high of $7.07. The company's 50 day simple moving average is $4.50 and its 200 day simple moving average is $4.11. The company has a market cap of $285.96 million, a price-to-earnings 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) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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. As a group, equities research analysts predict that Opus Genetics, Inc. will post -0.97 earnings per share for the current year.

Hedge Funds Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Opus Genetics in the 2nd quarter valued at $12,809,000. Nantahala Capital Management LLC acquired a new position in Opus Genetics during the second quarter worth $12,582,185. Trails Edge Capital Partners LP bought a new position in shares of Opus Genetics during the second quarter valued at $11,276,434. ADAR1 Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 1,809,004 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Opus Genetics in the 2nd quarter valued at $1,360,000. Institutional investors own 14.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. HC Wainwright reiterated a "buy" rating and issued a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. TD Cowen initiated coverage on Opus Genetics in a research note on Wednesday, July 29th. They set a "buy" rating for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Opus Genetics in a report on Thursday, October 15th. JonesTrading lifted their price target on Opus Genetics from $10.00 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. Finally, Wall Street Zen upgraded Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $12.71.

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 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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