Opus Genetics (NASDAQ:IRD) Stock: Insider George Magrath Sells 9,591 Shares

Key Points

• CEO George Magrath sold 9,591 Opus Genetics shares at an average price of $3.58, generating $34,335.78. The sale covered tax withholding tied to vested equity awards and reduced his stake by 0.47%.
• Opus Genetics shares recently traded at $3.46, with a market capitalization of approximately $286 million. The company reported a quarterly loss of $0.14 per share, beating estimates, but revenue of $0.76 million fell short of expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $12.71 versus the recent share price. Institutional investors own approximately 14.97% of the company.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) CEO George Magrath sold 9,591 shares of the business's stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $3.58, for a total transaction of $34,335.78. Following the completion of the transaction, the chief executive officer owned 2,038,894 shares of the company's stock, valued at approximately $7,299,240.52. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a filing 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.

Opus Genetics Price Performance

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

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

Hedge Funds Weigh In On Opus Genetics

Large investors have recently bought and sold shares of the business. Squarepoint Ops LLC acquired a new stake in Opus Genetics in the second quarter valued at $1,360,000. BlackRock Inc. purchased a new stake in Opus Genetics during the 2nd quarter worth about $12,809,000. Trails Edge Capital Partners LP acquired a new position in shares of Opus Genetics during the 2nd quarter worth about $11,276,434. Nantahala Capital Management LLC acquired a new position in shares of Opus Genetics during the 2nd quarter worth about $12,582,185. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Opus Genetics during the 2nd quarter worth about $7,331,000. Hedge funds and other institutional investors own 14.97% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citizens Jmp reiterated a "market outperform" rating and issued a $17.00 price objective on shares of Opus Genetics in a research note on Friday, October 16th. Chardan Capital reissued a "buy" rating and set a $16.00 price objective on shares of Opus Genetics in a research report on Thursday, October 22nd. HC Wainwright restated a "buy" rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. Oppenheimer raised their target price on shares of Opus Genetics from $10.00 to $20.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Finally, BTIG Research reiterated a "buy" rating and issued a $12.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Opus Genetics has a consensus rating of "Moderate Buy" and an average price target 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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