Key Points
- Fighting Blindness Foundation sold 556,000 Opus Genetics shares at an average price of $4.96, generating $2.76 million. Its remaining stake fell 14.66% to 3.24 million shares.
- Opus Genetics shares were up 1.6%, opening at $4.58, while the company’s market capitalization stood at approximately $378.5 million. The biotech reported a quarterly loss of $0.14 per share, beating estimates, but revenue of $0.76 million missed expectations.
- Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $11.92, despite one sell rating. Institutional investors own about 14.97% of the company.
Opus Genetics, Inc. (NASDAQ:IRD - Get Free Report) Director Fighting Blindness Foundation sold 556,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $4.96, for a total value of $2,757,760.00. Following the completion of the transaction, the director directly owned 3,236,171 shares in the company, valued at $16,051,408.16. This represents a 14.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Opus Genetics Stock Up 1.6%
Shares of NASDAQ:IRD opened at $4.58 on Friday. The business has a 50-day moving average price of $4.37 and a 200-day moving average price of $4.41. The stock has a market cap of $378.54 million, a price-to-earnings ratio of -3.39 and a beta of 0.62. Opus Genetics, Inc. has a 52-week low of $1.70 and a 52-week high of $7.07.
Opus Genetics (NASDAQ:IRD - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.02. The business had revenue of $0.76 million during the quarter, compared to analyst estimates of $2.63 million. As a group, equities analysts anticipate that Opus Genetics, Inc. will post -0.99 EPS for the current fiscal year.
Hedge Funds Weigh In On Opus Genetics
A number of large investors have recently bought and sold shares of IRD. BlackRock Inc. purchased a new position in Opus Genetics during the second quarter worth approximately $12,809,000. Nantahala Capital Management LLC purchased a new stake in shares of Opus Genetics in the second quarter valued at approximately $12,582,185. Trails Edge Capital Partners LP purchased a new stake in shares of Opus Genetics in the second quarter valued at approximately $11,276,434. ADAR1 Capital Management LLC raised its stake 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 period. Finally, Opaleye Management Inc. raised its stake in shares of Opus Genetics by 0.4% during the 2nd quarter. Opaleye Management Inc. now owns 1,125,000 shares of the company's stock worth $4,624,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 14.97% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on IRD. BTIG Research reiterated a "buy" rating and issued a $12.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. Royal Bank Of Canada decreased their target price on shares of Opus Genetics from $10.00 to $9.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Wall Street Zen lowered shares of Opus Genetics from a "hold" rating to a "sell" rating in a report on Saturday, September 26th. Zacks Research raised Opus Genetics from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 11th. Finally, HC Wainwright reiterated a "buy" rating and set a $8.00 price objective on shares of Opus Genetics in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $11.92.
Check Out Our Latest Report on IRD
About Opus Genetics
(
Get Free Report)
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 or blindness. The company aims to address conditions for which treatment options are limited or unavailable by developing therapies designed to correct or replace disease-causing genetic defects in retinal cells.
Opus Genetics' pipeline includes investigational programs for genetically defined retinal disorders, including rhodopsin-associated autosomal dominant retinitis pigmentosa and BEST1-related retinal disease.
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