Opus Genetics (NASDAQ:IRD) Director Sells $7,395,000.00 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) Director Fighting Blindness Foundation sold 1,700,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $4.35, for a total value of $7,395,000.00. Following the completion of the sale, the director directly owned 3,792,171 shares of the company’s stock, valued at approximately $16,495,943.85. This represents a 30.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Opus Genetics Stock Performance

NASDAQ:IRD opened at $4.26 on Friday. Opus Genetics, Inc. has a one year low of $0.90 and a one year high of $5.81. The stock has a market cap of $346.76 million, a PE ratio of -3.20 and a beta of 0.62. The stock has a 50 day moving average price of $4.94 and a 200 day moving average price of $3.42.

Opus Genetics (NASDAQ:IRD) last posted its quarterly 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). Opus Genetics had a negative net margin of 892.36% and a negative return on equity of 338.88%. The company had revenue of $2.16 million during the quarter, compared to analyst estimates of $2.93 million. As a group, analysts predict that Opus Genetics, Inc. will post -1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IRD has been the subject of several recent analyst reports. Chardan Capital raised their target price on Opus Genetics from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Oppenheimer initiated coverage on Opus Genetics in a research note on Monday, March 16th. They set an “outperform” rating and a $10.00 target price for the company. BTIG Research raised their target price on Opus Genetics from $7.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Craig Hallum set a $9.00 price objective on Opus Genetics and gave the company a “buy” rating in a research note on Wednesday, March 11th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Opus Genetics currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.18.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blair William & Co. IL lifted its holdings in Opus Genetics by 12.3% during the 4th quarter. Blair William & Co. IL now owns 27,466 shares of the company’s stock worth $55,000 after buying an additional 3,000 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics during the 4th quarter worth about $40,000. Raymond James Financial Inc. lifted its holdings in Opus Genetics by 95.6% during the 3rd quarter. Raymond James Financial Inc. now owns 22,508 shares of the company’s stock worth $37,000 after buying an additional 11,000 shares during the last quarter. Virtu Financial LLC purchased a new stake in Opus Genetics during the 4th quarter worth about $34,000. Finally, Comerica Bank purchased a new stake in Opus Genetics during the 1st quarter worth about $29,000. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

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.