Opus Genetics Target of Unusually Large Options Trading (NASDAQ:IRD)

Key Points

• Options activity surged, with traders purchasing 20,519 call options—6,628% above the typical volume of 305 calls.
• Opus Genetics shares rose 5.8% to $4.26, while the company reported a quarterly loss of $0.14 per share that beat estimates but revenue of $0.76 million missed expectations.
• Analysts maintained a generally positive outlook, giving the stock a consensus “Moderate Buy” rating and an average price target of $10.69, despite continued losses and recent insider selling.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) was the recipient of unusually large options trading on Tuesday. Stock traders acquired 20,519 call options on the stock. This represents an increase of 6,628% compared to the typical volume of 305 call options.

Insider Buying and Selling at Opus Genetics

In other Opus Genetics news, CEO George Magrath sold 9,475 shares of the firm's stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares of the company's stock, valued at approximately $5,109,013.55. This trade represents a 0.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 29,331 shares of company stock valued at $86,629. Company insiders own 11.70% of the company's stock.

Hedge Funds Weigh In On Opus Genetics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nantahala Capital Management LLC raised its position in shares of Opus Genetics by 42.9% in the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company's stock worth $9,610,000 after acquiring an additional 1,435,407 shares in the last quarter. BlackRock Inc. bought a new position in shares of Opus Genetics during the 2nd quarter worth approximately $12,809,000. Trails Edge Capital Partners LP acquired a new stake in shares of Opus Genetics during the 2nd quarter worth approximately $11,276,434,000. Balyasny Asset Management L.P. acquired a new position in shares of Opus Genetics during the 4th quarter valued at $5,463,000. Finally, Millennium Management LLC bought a new position in shares of Opus Genetics in the 4th quarter worth $4,025,000. Institutional investors and hedge funds own 14.97% of the company's stock.

Opus Genetics Trading Up 5.8%

NASDAQ:IRD traded up $0.23 during trading hours on Tuesday, hitting $4.26. 749,590 shares of the company were exchanged, compared to its average volume of 927,489. The stock has a market capitalization of $352.34 million, a price-to-earnings ratio of -3.15 and a beta of 0.59. Opus Genetics has a one year low of $1.17 and a one year high of $5.81. The company has a fifty day simple moving average of $3.76 and a 200 day simple moving average of $4.22.

Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.02. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.The company had revenue of $0.76 million during the quarter, compared to analysts' expectations of $2.63 million. Equities research analysts predict that Opus Genetics will post -0.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on IRD. BTIG Research reiterated a "buy" rating and issued a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. Zacks Research raised shares of Opus Genetics from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Royal Bank Of Canada dropped their price target on Opus Genetics from $10.00 to $9.00 and set an "outperform" rating for the company in a research note on Friday, August 7th. Citigroup started coverage on Opus Genetics in a report on Tuesday, April 28th. They issued an "outperform" rating for the company. Finally, Chardan Capital restated a "buy" rating and set a $13.00 price target on shares of Opus Genetics in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Opus Genetics presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.69.

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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