Opus Genetics (NASDAQ:IRD) CEO Sells 9,475 Shares

Key Points

• CEO George Magrath sold 9,475 Opus Genetics shares at an average price of $2.95, generating $27,951.25. The sale covered tax-withholding obligations tied to vested equity awards, leaving him with 1,731,869 shares.
• Opus Genetics recently traded at $3.38, with a market capitalization of approximately $279.5 million, while its shares remain below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.75 per share and revenue of $2.16 million, both weaker than analyst expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $10.77, despite two sell ratings. Institutional investors and hedge funds own about 14.97% of the company.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) CEO George Magrath sold 9,475 shares of the business'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 completion of the sale, the chief executive officer directly owned 1,731,869 shares in the company, valued at $5,109,013.55. This represents a 0.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

NASDAQ IRD traded up $0.04 on Tuesday, reaching $3.38. The company's stock had a trading volume of 278,494 shares, compared to its average volume of 939,608. The firm's 50 day moving average is $3.91 and its two-hundred day moving average is $4.02. The stock has a market cap of $279.50 million, a PE ratio of -2.55 and a beta of 0.55. Opus Genetics, Inc. has a twelve month low of $1.04 and a twelve month high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.59). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The company had revenue of $2.16 million for the quarter, compared to analyst estimates of $2.93 million. Equities research analysts anticipate that Opus Genetics, Inc. will post -1.08 EPS for the current fiscal year.

Analyst Ratings Changes

IRD has been the topic of a number of recent analyst reports. Citizens Jmp reissued a "market outperform" rating and issued a $11.00 price objective on shares of Opus Genetics in a research note on Monday, June 15th. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They set an "outperform" rating and a $10.00 price target on the stock. Chardan Capital restated a "buy" rating and issued a $13.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a research report on Friday, July 17th. Finally, Guggenheim assumed coverage on shares of Opus Genetics in a research report on Thursday, June 4th. They issued a "buy" rating and a $16.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $10.77.

Institutional Trading of Opus Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in shares of Opus Genetics during the 1st quarter worth approximately $29,000. Royal Bank of Canada acquired a new position in Opus Genetics in the first quarter valued at approximately $299,000. Nantahala Capital Management LLC boosted its stake in 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 acquiring an additional 188,028 shares during the last quarter. Mink Brook Asset Management LLC grew its holdings in Opus Genetics by 47.8% during the 2nd quarter. Mink Brook Asset Management LLC now owns 1,197,616 shares of the company's stock worth $1,128,000 after acquiring an additional 387,536 shares during the period. Finally, Opaleye Management Inc. grew its holdings in Opus Genetics by 3.8% during the 2nd quarter. Opaleye Management Inc. now owns 1,220,000 shares of the company's stock worth $1,149,000 after acquiring an additional 45,000 shares during the period. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.