Insider Selling: Opus Genetics (NASDAQ:IRD) CEO Sells $110,206.20 in Stock

Opus Genetics, Inc. (NASDAQ:IRD) CEO George Magrath sold 28,258 shares of the company’s stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $3.90, for a total value of $110,206.20. Following the completion of the sale, the chief executive officer owned 2,010,636 shares in the company, valued at $7,841,480.40. This represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

George Magrath also recently made the following trade(s):

• On Friday, October 23rd, George Magrath sold 9,591 shares of Opus Genetics stock. The shares were sold at an average price of $3.58, for a total transaction of $34,335.78.

Opus Genetics Trading Up 4.2%

NASDAQ:IRD opened at $4.18 on Friday. The firm has a market cap of $345.47 million, a price-to-earnings ratio of -3.10 and a beta of 0.80. The company’s 50-day moving average is $4.47 and its two-hundred day moving average is $4.20. Opus Genetics, Inc. has a 12-month low of $1.70 and a 12-month high of $7.07.

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

Analyst Ratings Changes

IRD has been the subject of several recent analyst reports. Zacks Research raised shares of Opus Genetics from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating and issued a $8.00 price target on shares of Opus Genetics in a report on Wednesday, September 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Opus Genetics in a research note on Thursday, October 15th. BTIG Research reissued a “buy” rating and set a $12.00 price target on shares of Opus Genetics in a research note on Wednesday, September 9th. Finally, Wall Street Zen cut Opus Genetics from a “hold” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Opus Genetics has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.

Institutional Investors Weigh In On Opus Genetics

Hedge funds have recently modified their holdings of the stock. Stoneridge Investment Partners LLC purchased a new stake in Opus Genetics in the second quarter valued at approximately $47,000. Engineers Gate Manager LP purchased a new position in Opus Genetics during the second quarter worth approximately $50,000. Sanders Morris Harris LLC purchased a new position in Opus Genetics during the third quarter worth approximately $58,000. StoneRidge PMG Advisors LLC purchased a new position in Opus Genetics during the third quarter worth approximately $61,000. Finally, State of Wyoming acquired a new position in shares of Opus Genetics in the 2nd quarter valued at $65,000. 14.97% of the stock is owned by institutional investors and hedge funds.

Opus Genetics Company Profile

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.