Ocuphire Pharma (NASDAQ:OCUP) PT Lowered to $10.00 at Canaccord Genuity Group

Ocuphire Pharma (NASDAQ:OCUP) had its price target reduced by research analysts at Canaccord Genuity Group from $18.00 to $10.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock.

Separately, HC Wainwright cut their price target on shares of Ocuphire Pharma from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, August 15th.

Ocuphire Pharma Stock Performance

Shares of OCUP traded down $0.22 during trading hours on Wednesday, reaching $1.11. The stock had a trading volume of 461,607 shares, compared to its average volume of 170,791. The company’s 50-day moving average is $1.29 and its two-hundred day moving average is $1.58. Ocuphire Pharma has a 12 month low of $1.07 and a 12 month high of $3.40. The stock has a market capitalization of $29.08 million, a PE ratio of -2.01 and a beta of 0.20.

Ocuphire Pharma (NASDAQ:OCUP) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.01). Ocuphire Pharma had a negative return on equity of 30.19% and a negative net margin of 85.75%. The company had revenue of $1.11 million during the quarter, compared to the consensus estimate of $1.80 million. Equities analysts anticipate that Ocuphire Pharma will post -1.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocuphire Pharma

A number of hedge funds have recently modified their holdings of OCUP. Empowered Funds LLC purchased a new stake in Ocuphire Pharma in the 1st quarter worth $74,000. Vanguard Group Inc. raised its position in shares of Ocuphire Pharma by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 992,200 shares of the company’s stock valued at $1,994,000 after buying an additional 64,400 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Ocuphire Pharma during the 1st quarter valued at about $36,000. Institutional investors own 14.97% of the company’s stock.

About Ocuphire Pharma

Ocuphire Pharma, Inc, 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. The company offers Phentolamine Ophthalmic Solution for reversal of mydriasis, as well as is in Phase III clinical trials for presbyopia and dim light or night vision disturbances.