Insider Selling: Opus Genetics (NASDAQ:IRD) COO Sells $13,653.36 in Stock

Key Points

• Opus Genetics COO Joseph Schachle sold 4,644 shares at an average price of $2.94, totaling $13,653.36. The sale covered tax withholding tied to vested equity awards and reduced his ownership by 1.57% to 291,440 shares.
• Opus Genetics shares recently traded at $3.47, up 3.6%, with a market capitalization of approximately $286 million. The stock remains below its 50-day and 200-day moving averages.
• The company reported a quarterly loss of $0.75 per share, significantly missing the $0.16 consensus estimate, while revenue of $2.16 million also fell short of expectations. Despite the weak results, analysts maintain a “Moderate Buy” consensus with an average price target of $10.77.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) COO Joseph Schachle sold 4,644 shares of the company's stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.94, for a total transaction of $13,653.36. Following the completion of the transaction, the chief operating officer owned 291,440 shares in the company, valued at approximately $856,833.60. The trade was a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Trading Up 3.6%

IRD traded up $0.12 on Tuesday, reaching $3.47. The stock had a trading volume of 312,042 shares, compared to its average volume of 939,716. Opus Genetics, Inc. has a 12-month low of $1.04 and a 12-month high of $5.81. The company has a market cap of $286.44 million, a P/E ratio of -2.60 and a beta of 0.55. The business's 50-day moving average price is $3.91 and its two-hundred day moving average price is $4.02.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.59). Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The company had revenue of $2.16 million for the quarter, compared to analysts' expectations of $2.93 million. As a group, analysts predict that Opus Genetics, Inc. will post -1.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Occudo Quantitative Strategies LP acquired a new stake in Opus Genetics in the 4th quarter valued at $25,000. Comerica Bank acquired a new position in shares of Opus Genetics in the 1st quarter worth approximately $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics during the fourth quarter valued at $34,000. Raymond James Financial Inc. boosted its holdings in shares of Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock valued at $37,000 after buying an additional 11,000 shares during the period. Finally, Johnson Investment Counsel Inc. bought a new stake in Opus Genetics during the fourth quarter worth $40,000. Institutional investors and hedge funds own 14.97% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Opus Genetics from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Royal Bank Of Canada assumed coverage on Opus Genetics in a research report on Tuesday, June 23rd. They issued an "outperform" rating and a $10.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, June 17th. B. Riley Financial restated a "buy" rating on shares of Opus Genetics in a research report on Thursday, April 30th. Finally, Leerink Partners began coverage on Opus Genetics in a report on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.77.

About Opus Genetics

Opus Genetics Inc is a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. Opus Genetics Inc, formerly known as Ocuphire Pharma Inc, is based in Farmington Hills, Michigan.

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