Key Points
- Opus Genetics President Benjamin Yerxa sold 7,429 shares at an average price of $2.97, generating $22,064.13. The sale covered tax-withholding obligations tied to vested equity awards and reduced his ownership by 1.04%.
- Opus Genetics reported weak quarterly results, with an adjusted loss of $0.75 per share versus the $0.16 analyst consensus and revenue of $2.16 million versus expectations of $2.93 million.
- Despite the earnings miss, analysts remain broadly optimistic: the stock has a “Moderate Buy” consensus rating and an average price target of $10.77, compared with a recent share price of $3.41.
Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) COO Joseph Schachle sold 4,644 shares of Opus Genetics stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $2.94, for a total transaction of $13,653.36. Following the sale, the chief operating officer owned 291,440 shares of the company's stock, valued at approximately $856,833.60. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Opus Genetics Price Performance
NASDAQ:IRD opened at $3.41 on Wednesday. The firm has a 50 day simple moving average of $3.90 and a 200-day simple moving average of $4.03. The firm has a market cap of $281.56 million, a PE ratio of -2.56 and a beta of 0.55. Opus Genetics, Inc. has a 1-year low of $1.04 and a 1-year high of $5.81.
Opus Genetics (NASDAQ:IRD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.75) earnings per share (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 firm had revenue of $2.16 million for the quarter, compared to analysts' expectations of $2.93 million. As a group, sell-side analysts expect that Opus Genetics, Inc. will post -1.08 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on IRD shares. Zacks Research cut Opus Genetics from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Citigroup began coverage on Opus Genetics in a research note on Tuesday, April 28th. They issued an "outperform" rating for the company. BTIG Research reiterated a "buy" rating and set a $12.00 target price on shares of Opus Genetics in a research report on Monday, July 6th. Wall Street Zen downgraded Opus Genetics from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Chardan Capital reissued a "buy" rating and issued a $13.00 price target on shares of Opus Genetics in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $10.77.
Check Out Our Latest Stock Analysis on IRD
Institutional Trading of Opus Genetics
Institutional investors have recently made changes to their positions in the stock. ADAR1 Capital Management LLC increased its holdings in shares of Opus Genetics by 4,522.5% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,849,004 shares of the company's stock worth $8,413,000 after buying an additional 1,809,004 shares during the last quarter. Regency Capital Management Inc. DE boosted its holdings in Opus Genetics by 47.8% in the first quarter. Regency Capital Management Inc. DE now owns 68,000 shares of the company's stock valued at $309,000 after acquiring an additional 22,000 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc acquired a new position in Opus Genetics in the fourth quarter valued at $157,000. Blair William & Co. IL grew its position in Opus Genetics by 12.3% during the fourth quarter. Blair William & Co. IL now owns 27,466 shares of the company's stock valued at $55,000 after acquiring an additional 3,000 shares during the period. Finally, Johnson Investment Counsel Inc. purchased a new stake in Opus Genetics during the fourth quarter valued at about $40,000. 14.97% of the stock is owned by hedge funds and other institutional investors.
About Opus Genetics
(
Get Free Report)
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.
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