Insider Selling: Opus Genetics (NASDAQ:IRD) COO Sells 4,767 Shares of Stock

Opus Genetics, Inc. (NASDAQ:IRD) COO Joseph Schachle sold 4,767 shares of the business’s stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $3.56, for a total value of $16,970.52. Following the completion of the sale, the chief operating officer owned 286,673 shares in the company, valued at $1,020,555.88. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Opus Genetics Stock Performance

NASDAQ IRD traded up $0.14 during trading on Tuesday, hitting $3.46. 1,303,302 shares of the company’s stock traded hands, compared to its average volume of 1,430,392. The stock 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. The business has a 50 day moving average of $4.50 and a 200-day moving average of $4.11.

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

Hedge Funds Weigh In On Opus Genetics

A number of large investors have recently modified their holdings of the company. Squarepoint Ops LLC purchased a new position in Opus Genetics during the second quarter valued at approximately $1,360,000. BlackRock Inc. bought a new stake in Opus Genetics during the 2nd quarter worth approximately $12,809,000. Trails Edge Capital Partners LP purchased a new stake in Opus Genetics in the 2nd quarter worth approximately $11,276,434. Nantahala Capital Management LLC purchased a new stake in Opus Genetics in the 2nd quarter worth approximately $12,582,185. Finally, ADAR1 Capital Management LLC purchased a new stake in Opus Genetics in the 2nd quarter worth approximately $7,331,000. 14.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on IRD shares. Chardan Capital reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Opus Genetics in a report on Thursday, October 22nd. TD Cowen initiated coverage on shares of Opus Genetics in a research note on Wednesday, July 29th. They issued a “buy” rating for the company. JonesTrading boosted their target price on shares of Opus Genetics from $10.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 6th. Citizens Jmp restated a “market outperform” rating and set a $17.00 target price on shares of Opus Genetics in a research report on Friday, October 16th. Finally, Wedbush raised their price target on Opus Genetics from $10.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

About Opus Genetics

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.