Opus Genetics (NASDAQ:IRD) CFO Robert Gagnon Sells 7,783 Shares of Stock

Key Points

• Opus Genetics CFO Robert Gagnon sold 7,783 shares at an average price of $2.95, generating $22,959.85. The sale covered tax-withholding obligations tied to vested equity awards, reducing his ownership by 1.31% to 584,375 shares.
• Opus Genetics recently reported weak quarterly results, with a $0.75 per-share loss versus the $0.16 consensus estimate and revenue of $2.16 million, below the $2.93 million forecast.
• The stock traded at $3.46, well below the analyst consensus price target of $10.77. Despite mixed ratings—including several sell calls—the overall analyst consensus remains “Moderate Buy,” while institutional investors own 14.97% of the company.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) CFO Robert Gagnon sold 7,783 shares of the firm's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $22,959.85. Following the completion of the sale, the chief financial officer owned 584,375 shares of the company's stock, valued at $1,723,906.25. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Price Performance

NASDAQ IRD traded up $0.12 during trading on Tuesday, reaching $3.46. 312,042 shares of the company's stock were exchanged, compared to its average volume of 939,716. The business has a 50 day moving average price of $3.91 and a 200-day moving average price of $4.02. The stock has a market capitalization of $286.11 million, a P/E ratio of -2.60 and a beta of 0.55. Opus Genetics, Inc. has a fifty-two week low of $1.04 and a fifty-two week high of $5.81.

Opus Genetics (NASDAQ:IRD - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (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 business had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. On average, analysts forecast that Opus Genetics, Inc. will post -1.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

IRD has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Opus Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Citizens Jmp reissued a "market outperform" rating and issued a $11.00 price objective on shares of Opus Genetics in a research report on Monday, June 15th. Zacks Research cut shares of Opus Genetics from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Guggenheim started coverage on shares of Opus Genetics in a report on Thursday, June 4th. They set a "buy" rating and a $16.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Opus Genetics in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $10.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Occudo Quantitative Strategies LP acquired a new stake in shares of Opus Genetics in the fourth quarter valued at approximately $25,000. Virtu Financial LLC acquired a new stake in Opus Genetics during the fourth quarter worth approximately $34,000. Johnson Investment Counsel Inc. bought a new position in Opus Genetics during the 4th quarter worth $40,000. Raymond James Financial Inc. increased its stake in Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock worth $37,000 after acquiring an additional 11,000 shares during the period. Finally, Blair William & Co. IL raised its holdings in Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company's stock valued at $55,000 after acquiring an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 14.97% of the company's stock.

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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