Opus Genetics (NASDAQ:IRD) Releases Earnings Results, Beats Expectations By $0.01 EPS

Opus Genetics (NASDAQ:IRD) posted its earnings results on Thursday. The company reported ($0.14) earnings per share (EPS) for the quarter, beating 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 analyst estimates of $2.63 million.

Opus Genetics Price Performance

Shares of IRD traded down $0.06 during trading hours on Thursday, reaching $3.72. 681,111 shares of the company’s stock traded hands, compared to its average volume of 916,710. Opus Genetics has a twelve month low of $1.04 and a twelve month high of $5.81. The business’s fifty day simple moving average is $3.82 and its two-hundred day simple moving average is $4.11. The firm has a market capitalization of $307.16 million, a price-to-earnings ratio of -2.80 and a beta of 0.59.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Chardan Capital restated a “buy” rating and issued a $13.00 price target on shares of Opus Genetics in a research note on Monday, July 6th. Royal Bank Of Canada assumed coverage on Opus Genetics in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $10.00 target price for the company. Guggenheim started coverage on Opus Genetics in a research report on Thursday, June 4th. They set a “buy” rating and a $16.00 price target on the stock. BTIG Research restated a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a research note on Monday, July 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.77.

Insider Transactions at Opus Genetics

In related 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO George Magrath sold 9,475 shares of Opus Genetics stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. 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 valued at $7,481,629 in the last quarter. 11.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently modified their holdings of the stock. Occudo Quantitative Strategies LP acquired a new stake in shares of Opus Genetics during the fourth quarter worth $25,000. Comerica Bank acquired a new position in shares of Opus Genetics in the 1st quarter valued at $29,000. Virtu Financial LLC acquired a new position in shares of Opus Genetics in the 4th quarter valued at $34,000. Raymond James Financial Inc. increased its stake in Opus Genetics by 95.6% in the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after purchasing an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new position in Opus Genetics in the 4th quarter worth about $40,000. 14.97% of the stock is currently owned by institutional investors and hedge funds.

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.