Ocuphire Pharma (NASDAQ:OCUP) Price Target Cut to $10.00 by Analysts at Canaccord Genuity Group

Ocuphire Pharma (NASDAQ:OCUP) had its price target trimmed by Canaccord Genuity Group from $18.00 to $10.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, HC Wainwright dropped 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 note on Thursday, August 15th.

Ocuphire Pharma Stock Down 12.0 %

Shares of OCUP stock opened at $1.17 on Wednesday. Ocuphire Pharma has a twelve month low of $1.07 and a twelve month high of $3.40. The stock’s fifty day simple moving average is $1.29 and its 200 day simple moving average is $1.58. The firm has a market capitalization of $30.65 million, a P/E ratio of -2.13 and a beta of 0.20.

Ocuphire Pharma (NASDAQ:OCUP) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.11 million for the quarter, compared to the consensus estimate of $1.80 million. As a group, equities research analysts expect that Ocuphire Pharma will post -1.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OCUP. Virtu Financial LLC bought a new stake in shares of Ocuphire Pharma in the 1st quarter valued at $36,000. Empowered Funds LLC bought a new stake in Ocuphire Pharma during the first quarter valued at $74,000. Finally, Vanguard Group Inc. grew its holdings in Ocuphire Pharma by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 992,200 shares of the company’s stock worth $1,994,000 after acquiring an additional 64,400 shares during the period. 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.