Opus Genetics (NASDAQ:IRD) Releases Earnings Results

Key Points

• Opus Genetics reported a quarterly loss of $0.14 per share, beating the $0.15 analyst consensus by $0.01, but revenue of $0.76 million fell well short of the $2.63 million estimate.
• Shares traded down to $3.72 following the results. The company reported deeply negative profitability metrics, including a net margin of -892.36% and return on equity of -338.88%.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $10.77 price target, although insiders sold approximately $7.48 million of stock over the past 90 days.

Opus Genetics (NASDAQ:IRD - Get Free Report) issued its earnings results on Thursday. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.15) by $0.01, FiscalAI reports. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 892.36%.The business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million.

Opus Genetics Stock Performance

IRD traded down $0.06 during trading on Thursday, hitting $3.72. The stock had a trading volume of 681,111 shares, compared to its average volume of 916,710. The firm has a market capitalization of $307.16 million, a P/E ratio of -2.80 and a beta of 0.59. The company's 50-day moving average price is $3.82 and its 200 day moving average price is $4.11. Opus Genetics has a twelve month low of $1.04 and a twelve month high of $5.81.

Insider Buying and Selling

In other news, Director Fighting Blindness Foundation sold 1,700,000 shares of the business's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $4.35, for a total transaction of $7,395,000.00. Following the sale, the director owned 3,792,171 shares of the company's stock, valued at $16,495,943.85. The trade was a 30.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO George Magrath sold 9,475 shares of the company's stock in a transaction that occurred 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 owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,729,331 shares of company stock worth $7,481,629 in the last ninety days. 11.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Opus Genetics

Several institutional investors and hedge funds have recently made changes to their positions in IRD. Occudo Quantitative Strategies LP acquired a new position in Opus Genetics in the fourth quarter valued at $25,000. Comerica Bank purchased a new position in shares of Opus Genetics in the 1st quarter worth $29,000. Virtu Financial LLC acquired a new position in Opus Genetics in the fourth quarter valued at $34,000. Raymond James Financial Inc. boosted its holdings in Opus Genetics by 95.6% in the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company's stock valued at $37,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new position in Opus Genetics in the fourth quarter valued at $40,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on IRD shares. Citizens Jmp reaffirmed a "market outperform" rating and set a $11.00 price objective on shares of Opus Genetics in a research report on Monday, June 15th. 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. B. Riley Financial reaffirmed a "buy" rating on shares of Opus Genetics in a research report on Thursday, April 30th. Leerink Partners assumed coverage on Opus Genetics in a research note on Thursday, May 21st. They issued an "outperform" rating and a $10.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and issued a $8.00 price objective on shares of Opus Genetics in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.77.

Opus Genetics Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source