Opus Genetics (NASDAQ:IRD) Stock: Insider Robert Gagnon Sells 14,000 Shares

Opus Genetics, Inc. (NASDAQ:IRD) CFO Robert Gagnon sold 14,000 shares of the company’s stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.55, for a total transaction of $49,700.00. Following the sale, the chief financial officer directly owned 542,375 shares of the company’s stock, valued at approximately $1,925,431.25. This represents a 2.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

Shares of IRD stock traded up $0.14 during trading hours on Tuesday, reaching $3.46. The company had a trading volume of 1,303,302 shares, compared to its average volume of 1,430,392. The stock has a fifty day moving average of $4.50 and a 200-day moving average of $4.11. The company has a market capitalization of $285.96 million, a price-to-earnings ratio of -2.56 and a beta of 0.62. Opus Genetics, Inc. has a 12-month low of $1.70 and a 12-month high of $7.07.

Opus Genetics (NASDAQ:IRD) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02. The company had revenue of $0.76 million for the quarter, compared to analysts’ expectations of $2.63 million. On average, analysts forecast that Opus Genetics, Inc. will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds have recently made changes to their positions in the stock. Stoneridge Investment Partners LLC acquired a new position in Opus Genetics during the second quarter worth $47,000. Engineers Gate Manager LP purchased a new stake in shares of Opus Genetics in the 2nd quarter valued at $50,000. Sanders Morris Harris LLC purchased a new stake in shares of Opus Genetics in the 3rd quarter valued at $58,000. State of Wyoming purchased a new stake in shares of Opus Genetics in the 2nd quarter valued at $65,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Opus Genetics during the 2nd quarter worth about $66,000. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on IRD shares. Citizens Jmp reaffirmed a “market outperform” rating and set a $17.00 target price on shares of Opus Genetics in a research note on Friday, October 16th. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Oppenheimer increased their price objective on Opus Genetics from $10.00 to $20.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of Opus Genetics in a research note on Wednesday, September 9th. Finally, TD Cowen initiated coverage on Opus Genetics in a research report on Wednesday, July 29th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Opus Genetics Company Profile

Opus Genetics, Inc is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases (IRDs), a group of rare genetic disorders that can cause progressive vision loss and blindness. The company’s research is aimed at addressing the underlying genetic causes of these conditions rather than treating only their symptoms.

Its pipeline includes investigational ophthalmic gene therapies designed for specific IRD-causing mutations, including programs targeting conditions associated with the NR2E3 and BEST1 genes.