Insider Selling: Opus Genetics (NASDAQ:IRD) Director Sells 4,000,000 Shares of Stock

Opus Genetics, Inc. (NASDAQ:IRD) Director Fighting Blindness Foundation sold 4,000,000 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $2.15, for a total transaction of $8,600,000.00. Following the transaction, the director directly owned 5,492,171 shares in the company, valued at $11,808,167.65. This trade represents a 42.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Opus Genetics Stock Down 2.4%

NASDAQ IRD traded down $0.06 during mid-day trading on Thursday, hitting $2.44. The company’s stock had a trading volume of 344,925 shares, compared to its average volume of 520,456. The firm has a market capitalization of $168.26 million, a price-to-earnings ratio of -1.30 and a beta of 0.42. The company’s 50 day simple moving average is $2.03 and its 200 day simple moving average is $1.48. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.18. Opus Genetics, Inc. has a twelve month low of $0.65 and a twelve month high of $2.59.

Opus Genetics (NASDAQ:IRD) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $3.07 million. Opus Genetics had a negative net margin of 466.09% and a negative return on equity of 697.94%. Analysts anticipate that Opus Genetics, Inc. will post -1.22 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new position in shares of Opus Genetics during the first quarter valued at approximately $26,000. Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter valued at $29,000. Raymond James Financial Inc. lifted its holdings in shares of Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock valued at $37,000 after buying an additional 11,000 shares during the period. Voss Capital LP purchased a new position in shares of Opus Genetics in the 1st quarter worth $147,000. Finally, Two Sigma Investments LP boosted its stake in shares of Opus Genetics by 169.6% in the 3rd quarter. Two Sigma Investments LP now owns 108,338 shares of the company’s stock worth $179,000 after buying an additional 68,148 shares during the last quarter. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on IRD shares. Chardan Capital reaffirmed a “buy” rating and set a $9.00 target price on shares of Opus Genetics in a research report on Thursday, November 13th. Wall Street Zen downgraded shares of Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Wedbush initiated coverage on shares of Opus Genetics in a research note on Wednesday, October 29th. They issued an “outperform” rating and a $8.00 target price for the company. B. Riley initiated coverage on shares of Opus Genetics in a research report on Wednesday. They set a “buy” rating and a $9.00 price target on the stock. Finally, Brookline Capital Management upgraded shares of Opus Genetics to a “strong-buy” rating in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.86.

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.