Opus Genetics (NASDAQ:IRD) President Benjamin Yerxa Sells 7,470 Shares

Key Points

• Opus Genetics President Benjamin Yerxa sold 7,470 shares on April 23 at an average price of $5.24 to cover tax withholding on vested equity, leaving him with 711,535 shares (a 1.04% reduction).
• IRD shares traded down about 2.1% to $5.12 mid-day, with a market capitalization of roughly $365.6 million, a 12-month range of $0.81–$5.81, and a negative PE of -6.24.
• Institutional investors including Balyasny, Millennium and Nantahala have recently added stakes (hedge funds own ~15% of the stock), and analysts' consensus is a Moderate Buy with an average target price of about $10.11.

Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) President Benjamin Yerxa sold 7,470 shares of the firm's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $5.24, for a total transaction of $39,142.80. Following the completion of the transaction, the president directly owned 711,535 shares in the company, valued at approximately $3,728,443.40. This represents a 1.04% decrease in their position. The sale was disclosed in a document filed 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 Stock Down 2.1%

Shares of IRD stock traded down $0.11 during mid-day trading on Monday, reaching $5.12. The company's stock had a trading volume of 736,774 shares, compared to its average volume of 885,269. The company's 50 day simple moving average is $4.67 and its 200-day simple moving average is $3.07. Opus Genetics, Inc. has a 12-month low of $0.81 and a 12-month high of $5.81. The firm has a market capitalization of $365.57 million, a PE ratio of -6.24 and a beta of 0.52.

Institutional Investors Weigh In On Opus Genetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IRD. Balyasny Asset Management L.P. purchased a new stake in Opus Genetics during the 4th quarter worth $5,463,000. Millennium Management LLC purchased a new stake in Opus Genetics during the 4th quarter worth $4,025,000. Nantahala Capital Management LLC increased its stake in Opus Genetics by 42.9% during the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company's stock worth $9,610,000 after buying an additional 1,435,407 shares during the period. Mink Brook Asset Management LLC increased its stake in Opus Genetics by 34.5% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company's stock worth $3,348,000 after buying an additional 427,684 shares during the period. Finally, Vanguard Group Inc. increased its stake in Opus Genetics by 35.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company's stock worth $2,214,000 after buying an additional 349,825 shares during the period. Hedge funds and other institutional investors own 14.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Opus Genetics in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Opus Genetics from a "sell" rating to a "hold" rating in a research note on Sunday, March 1st. Craig Hallum set a $9.00 target price on shares of Opus Genetics and gave the company a "buy" rating in a research note on Wednesday, March 11th. Wedbush raised their target price on shares of Opus Genetics from $8.00 to $10.00 and gave the company an "outperform" rating in a research note on Thursday, March 12th. Finally, Chardan Capital raised their target price on shares of Opus Genetics from $9.00 to $11.00 and gave the company a "buy" rating in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $10.11.

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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