Opus Genetics (NASDAQ:IRD) Announces Earnings Results

Opus Genetics (NASDAQ:IRD) announced its quarterly earnings results on Thursday. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.02, FiscalAI reports. The company had revenue of $0.76 million during the quarter, compared to the consensus estimate of $2.63 million. Opus Genetics had a negative return on equity of 338.88% and a negative net margin of 1,091.82%.

Opus Genetics Stock Down 1.6%

NASDAQ:IRD traded down $0.06 during trading hours on Friday, reaching $3.66. 915,127 shares of the company’s stock were exchanged, compared to its average volume of 907,318. Opus Genetics has a 1-year low of $1.04 and a 1-year high of $5.81. The firm has a market capitalization of $302.21 million, a price-to-earnings ratio of -2.71 and a beta of 0.59. The company has a 50-day moving average of $3.81 and a 200 day moving average of $4.11.

Insider Transactions at Opus Genetics

In other news, CEO George Magrath sold 9,475 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $2.95, for a total transaction of $27,951.25. Following the completion of the sale, the chief executive officer owned 1,731,869 shares in the company, valued at approximately $5,109,013.55. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fighting Blindness Foundation sold 1,700,000 shares of the business’s stock in a transaction dated 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 transaction, the director owned 3,792,171 shares in the company, valued at $16,495,943.85. This trade represents a 30.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,729,331 shares of company stock valued at $7,481,629 over the last ninety days. Corporate insiders own 11.70% of the company’s stock.

Hedge Funds Weigh In On Opus Genetics

A number of hedge funds and other institutional investors have recently bought and sold shares of IRD. Nantahala Capital Management LLC lifted its stake in shares of Opus Genetics by 42.9% in the 4th quarter. Nantahala Capital Management LLC now owns 4,781,330 shares of the company’s stock worth $9,610,000 after acquiring an additional 1,435,407 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Opus Genetics in the fourth quarter valued at about $5,463,000. Millennium Management LLC purchased a new stake in Opus Genetics in the 4th quarter valued at approximately $4,025,000. Mink Brook Asset Management LLC raised its stake in shares of Opus Genetics by 34.5% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,665,631 shares of the company’s stock worth $3,348,000 after buying an additional 427,684 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Opus Genetics by 35.3% in the third quarter. Vanguard Group Inc. now owns 1,342,025 shares of the company’s stock valued at $2,214,000 after acquiring an additional 349,825 shares during the period. 14.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research report on Friday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a research note on Wednesday, June 17th. BTIG Research reissued a “buy” rating and set a $12.00 price objective on shares of Opus Genetics in a report on Monday, July 6th. Royal Bank Of Canada lowered their target price on shares of Opus Genetics from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday. Finally, Chardan Capital reiterated a “buy” rating and set a $13.00 price target on shares of Opus Genetics in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Opus Genetics currently has an average rating of “Moderate Buy” and an average target price of $10.69.

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.