Opus Genetics Target of Unusually Large Options Trading (NASDAQ:IRD)

Opus Genetics, Inc. (NASDAQ:IRD) was the recipient of unusually large options trading on Tuesday. Investors acquired 20,519 call options on the company. This represents an increase of approximately 6,628% compared to the average volume of 305 call options.

Opus Genetics Price Performance

IRD stock traded up $0.23 during midday trading on Tuesday, reaching $4.26. The company had a trading volume of 749,590 shares, compared to its average volume of 927,489. The firm has a 50-day moving average price of $3.76 and a 200-day moving average price of $4.22. The company has a market capitalization of $352.34 million, a P/E ratio of -3.15 and a beta of 0.59. Opus Genetics has a 1 year low of $1.17 and a 1 year high of $5.81.

Opus Genetics (NASDAQ:IRD) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. Opus Genetics had a negative net margin of 1,091.82% and a negative return on equity of 338.88%. The company had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. On average, equities analysts predict that Opus Genetics will post -0.99 EPS for the current year.

Insider Activity at Opus Genetics

In related news, CEO George Magrath sold 9,475 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer directly owned 1,731,869 shares of the company’s stock, valued at approximately $5,109,013.55. The trade was a 0.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 29,331 shares of company stock worth $86,629. Insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently modified their holdings of IRD. Occudo Quantitative Strategies LP bought a new position in Opus Genetics during the fourth quarter valued at approximately $25,000. Comerica Bank bought a new position in shares of Opus Genetics during the first quarter valued at about $29,000. Virtu Financial LLC bought a new position in Opus Genetics during the 4th quarter valued at approximately $34,000. Raymond James Financial Inc. grew its position in shares of 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 buying an additional 11,000 shares during the last quarter. Finally, Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics in the fourth quarter worth $40,000. 14.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Citizens Jmp reiterated a “market outperform” rating and issued a $11.00 price objective on shares of Opus Genetics in a research note on Monday, June 15th. Zacks Research upgraded shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a report on Wednesday, June 17th. Chardan Capital reissued a “buy” rating and issued a $13.00 price target on shares of Opus Genetics in a report on Monday, July 6th. Finally, Leerink Partners began coverage on shares of Opus Genetics in a report on Thursday, May 21st. They issued an “outperform” rating and a $10.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.69.

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.