Opus Genetics (NASDAQ:IRD) Releases Quarterly Earnings Results, Misses Estimates By $0.59 EPS

Opus Genetics (NASDAQ:IRD) released its quarterly earnings results on Tuesday. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.59), Zacks reports. Opus Genetics had a negative net margin of 349.33% and a negative return on equity of 338.88%.

Opus Genetics Trading Down 0.9%

IRD stock traded down $0.05 during mid-day trading on Tuesday, reaching $5.07. The company’s stock had a trading volume of 871,467 shares, compared to its average volume of 900,419. The company has a market cap of $362.28 million, a price-to-earnings ratio of -6.19 and a beta of 0.62. Opus Genetics has a 12 month low of $0.90 and a 12 month high of $5.81. The business’s 50 day moving average price is $4.94 and its 200 day moving average price is $3.26.

Insider Activity at Opus Genetics

In related news, CEO George Magrath sold 24,438 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $5.21, for a total transaction of $127,321.98. Following the transaction, the chief executive officer directly owned 1,750,855 shares of the company’s stock, valued at $9,121,954.55. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ashwath Jayagopal sold 7,542 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $5.19, for a total transaction of $39,142.98. Following the transaction, the insider directly owned 509,233 shares in the company, valued at approximately $2,642,919.27. This represents a 1.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 73,395 shares of company stock valued at $382,278 in the last ninety days. Insiders own 11.70% of the company’s stock.

Institutional Trading of Opus Genetics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRD. Occudo Quantitative Strategies LP bought a new stake in Opus Genetics in the 4th quarter valued at about $25,000. Comerica Bank bought a new position in shares of Opus Genetics in the 1st quarter worth $29,000. Virtu Financial LLC bought a new position in shares of Opus Genetics in the 4th quarter worth $34,000. Raymond James Financial Inc. lifted its holdings 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 purchasing an additional 11,000 shares in the last quarter. Finally, Johnson Investment Counsel Inc. bought a new position in shares of Opus Genetics in the 4th quarter worth $40,000. 14.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

IRD has been the topic of a number of analyst reports. Wedbush upped their price target on Opus Genetics from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, March 12th. Citizens Jmp initiated coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued a “market perform” rating and a $12.00 price target on the stock. Citigroup started coverage on Opus Genetics in a research report on Tuesday, April 28th. They issued an “outperform” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Opus Genetics in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald started coverage on shares of Opus Genetics in a report on Monday, March 30th. They set an “overweight” rating and a $15.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Opus Genetics has a consensus rating of “Moderate Buy” and an average target price of $10.30.

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.