Stock Traders Purchase High Volume of Opus Genetics Call Options (NASDAQ:IRD)

Key Points

• Unusual options activity: Investors purchased 4,820 Opus Genetics call options, 681% above the average daily volume of 617 calls.
• Shares surged: Opus Genetics rose 37.7% to $5.97 on exceptionally heavy trading volume, with 30.1 million shares changing hands versus an average of 1.14 million.
• Analyst sentiment remains positive: The stock has a consensus “Moderate Buy” rating and an average price target of $10.69, although company insiders have sold 57,331 shares worth approximately $213,749 over the past 90 days.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) saw some unusual options trading activity on Wednesday. Stock investors bought 4,820 call options on the stock. This represents an increase of 681% compared to the average daily volume of 617 call options.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wall Street Zen raised Opus Genetics from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. HC Wainwright reissued a "buy" rating and set a $8.00 price target on shares of Opus Genetics in a report on Wednesday, June 17th. Guggenheim started coverage on Opus Genetics in a research report on Thursday, June 4th. They set a "buy" rating and a $16.00 price objective for the company. Royal Bank Of Canada dropped their price objective on Opus Genetics from $10.00 to $9.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Finally, Citizens Jmp reaffirmed a "market outperform" rating and issued a $11.00 price objective on shares of Opus Genetics in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.69.

Insider Buying and Selling

In other news, CFO Robert Gagnon sold 28,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $4.54, for a total transaction of $127,120.00. Following the completion of the sale, the chief financial officer owned 556,375 shares of the company's stock, valued at approximately $2,525,942.50. This represents a 4.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO George Magrath sold 9,475 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the sale, the chief executive officer owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 57,331 shares of company stock valued at $213,749. 11.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Opus Genetics

A number of institutional investors and hedge funds have recently modified their holdings of IRD. Comerica Bank acquired a new position in shares of Opus Genetics during the first quarter worth approximately $29,000. Royal Bank of Canada bought a new position in shares of Opus Genetics in the first quarter valued at approximately $299,000. Nantahala Capital Management LLC lifted its holdings in shares of Opus Genetics by 6.0% in the second quarter. Nantahala Capital Management LLC now owns 3,345,923 shares of the company's stock valued at $3,152,000 after purchasing an additional 188,028 shares in the last quarter. Mink Brook Asset Management LLC boosted its position in shares of Opus Genetics by 47.8% during the second quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock valued at $1,128,000 after buying an additional 387,536 shares during the last quarter. Finally, Opaleye Management Inc. boosted its position in shares of Opus Genetics by 3.8% during the second quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock valued at $1,149,000 after buying an additional 45,000 shares during the last quarter. 14.97% of the stock is currently owned by institutional investors.

Opus Genetics Stock Up 37.7%

IRD traded up $1.64 during trading on Wednesday, reaching $5.97. 30,103,981 shares of the stock traded hands, compared to its average volume of 1,138,682. The stock has a market capitalization of $493.83 million, a PE ratio of -4.44 and a beta of 0.58. The stock's 50-day moving average is $3.79 and its 200 day moving average is $4.29. Opus Genetics has a 12 month low of $1.32 and a 12 month high of $7.07.

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, topping analysts' consensus estimates 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 firm had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. As a group, equities research analysts anticipate that Opus Genetics will post -0.99 EPS for the current year.

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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