Ocuphire Pharma (NASDAQ:OCUP) Downgraded by Zacks Investment Research to “Hold”


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Zacks Investment Research lowered shares of Ocuphire Pharma (NASDAQ:OCUP) from a buy rating to a hold rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “Ocuphire Pharma Inc. is a clinical-stage ophthalmic biopharmaceutical company. It is focused on developing and commercializing therapies for the treatment of several eye disorders. The company’s product pipeline includes Nyxol Eye Drops(R) and APX3330. Ocuphire Pharma Inc., formerly known as Rexahn Pharmaceuticals Inc., is based in FARMINGTON HILLS, Mich. “

Several other equities research analysts have also recently issued reports on OCUP. Canaccord Genuity started coverage on Ocuphire Pharma in a report on Wednesday, February 10th. They set a buy rating and a $22.00 price objective on the stock. Jonestrading started coverage on Ocuphire Pharma in a report on Monday, March 29th. They issued a buy rating and a $20.00 target price on the stock. Alliance Global Partners started coverage on Ocuphire Pharma in a report on Monday, April 5th. They issued a buy rating and a $25.00 target price on the stock. Finally, Cantor Fitzgerald lifted their target price on Ocuphire Pharma from $15.00 to $20.00 and gave the company an overweight rating in a report on Monday, March 22nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Ocuphire Pharma currently has a consensus rating of Buy and a consensus target price of $18.50.

Shares of NASDAQ OCUP opened at $4.86 on Friday. Ocuphire Pharma has a 1-year low of $3.68 and a 1-year high of $14.80. The business’s 50-day moving average is $5.74.

Several hedge funds and other institutional investors have recently made changes to their positions in OCUP. Norris Perne & French LLP MI purchased a new stake in shares of Ocuphire Pharma during the first quarter worth about $458,000. Renaissance Technologies LLC bought a new stake in Ocuphire Pharma in the fourth quarter valued at about $479,000. Comerica Bank bought a new stake in Ocuphire Pharma in the fourth quarter valued at about $322,000. Finally, Squarepoint Ops LLC acquired a new position in Ocuphire Pharma in the fourth quarter valued at approximately $127,000. 63.71% of the stock is currently owned by institutional investors and hedge funds.

Ocuphire Pharma Company Profile

Ocuphire Pharma, Inc, a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of various eye disorders. Its lead product candidate is Nyxol eye drops, a once-daily preservative-free eye drop formulation of phentolamine mesylate, which is in Phase III clinical trial for dim light or night vision disturbances, and pharmacologically induced mydriasis, as well as that is in Phase II clinical trial for presbyopia.

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