Opus Genetics (NASDAQ:IRD) CEO George Magrath Sells 9,475 Shares of Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 9,475 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.95, for a total value of $27,951.25. Following the transaction, the chief executive officer owned 1,731,869 shares of the company’s stock, valued at $5,109,013.55. This trade represents a 0.54% 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 this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Price Performance

Opus Genetics stock opened at $3.41 on Wednesday. The stock’s 50 day moving average is $3.90 and its 200 day moving average is $4.03. The firm has a market cap of $281.56 million, a P/E ratio of -2.56 and a beta of 0.55. Opus Genetics, Inc. has a one year low of $1.04 and a one year high of $5.81.

Opus Genetics (NASDAQ:IRD) last announced its earnings results on Tuesday, May 12th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.59). The company had revenue of $2.16 million during the quarter, compared to the consensus estimate of $2.93 million. Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. Equities analysts anticipate that Opus Genetics, Inc. will post -1.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Opus Genetics

A number of hedge funds have recently added to or reduced their stakes in the business. Occudo Quantitative Strategies LP bought a new position in shares of Opus Genetics during the 4th quarter worth approximately $25,000. Virtu Financial LLC acquired a new stake in shares of Opus Genetics during the 4th quarter worth approximately $34,000. Johnson Investment Counsel Inc. acquired a new stake in shares of Opus Genetics during the 4th quarter worth approximately $40,000. Raymond James Financial Inc. increased its stake 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 valued at $37,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Blair William & Co. IL increased its stake in shares of Opus Genetics by 12.3% in the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock valued at $55,000 after acquiring an additional 3,000 shares in the last quarter. 14.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IRD has been the topic of a number of analyst reports. Citigroup initiated coverage on shares of Opus Genetics in a research note on Tuesday, April 28th. They issued an “outperform” rating on the stock. Leerink Partners began coverage on shares of Opus Genetics in a research note on Thursday, May 21st. They set an “outperform” rating and a $10.00 target price for the company. B. Riley Financial restated a “buy” rating on shares of Opus Genetics in a report on Thursday, April 30th. Citizens Jmp reaffirmed a “market outperform” rating and set a $11.00 price target on shares of Opus Genetics in a research report on Monday, June 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Opus Genetics in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.77.

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.