Insider Selling: Opus Genetics (NASDAQ:IRD) CFO Sells $40,621.56 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) CFO Robert Gagnon sold 7,842 shares of Opus Genetics stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.18, for a total value of $40,621.56. Following the transaction, the chief financial officer owned 592,158 shares in the company, valued at approximately $3,067,378.44. This represents a 1.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 Down 6.6%

NASDAQ IRD opened at $4.67 on Thursday. Opus Genetics, Inc. has a 52 week low of $0.87 and a 52 week high of $5.81. The business’s fifty day simple moving average is $4.74 and its 200-day simple moving average is $3.12. The firm has a market cap of $333.45 million, a PE ratio of -5.70 and a beta of 0.52.

Hedge Funds Weigh In On Opus Genetics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Occudo Quantitative Strategies LP acquired a new position in shares of Opus Genetics during the fourth quarter worth about $25,000. Comerica Bank acquired a new position in shares of Opus Genetics during the first quarter worth about $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics during the fourth quarter worth about $34,000. Raymond James Financial Inc. grew its position in shares of Opus Genetics by 95.6% during the third quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after buying an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new position in shares of Opus Genetics during the fourth quarter worth about $40,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IRD has been the subject of several research reports. Oppenheimer initiated coverage on Opus Genetics in a research report on Monday, March 16th. They issued an “outperform” rating and a $10.00 target price for the company. Citizens Jmp initiated coverage on Opus Genetics in a research report on Tuesday. They issued a “market perform” rating and a $12.00 target price for the company. Citigroup initiated coverage on Opus Genetics in a research report on Tuesday. They issued an “outperform” rating for the company. Wall Street Zen raised Opus Genetics from a “sell” rating to a “hold” rating in a research report on Sunday, March 1st. Finally, Chardan Capital boosted their price objective on Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.30.

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.