HC Wainwright Reaffirms “Buy” Rating for Ocuphire Pharma (NASDAQ:OCUP)

HC Wainwright restated their buy rating on shares of Ocuphire Pharma (NASDAQ:OCUP) in a research note released on Monday morning, Benzinga reports. The brokerage currently has a $20.00 target price on the stock. HC Wainwright also issued estimates for Ocuphire Pharma’s Q2 2024 earnings at ($0.29) EPS, Q3 2024 earnings at ($0.29) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.16) EPS, FY2025 earnings at ($0.52) EPS, FY2026 earnings at $0.23 EPS, FY2027 earnings at $0.95 EPS and FY2028 earnings at $1.74 EPS.

Separately, Alliance Global Partners reduced their price target on Ocuphire Pharma from $24.00 to $20.00 and set a buy rating for the company in a research report on Wednesday, March 20th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $18.75.

Ocuphire Pharma Stock Up 1.8 %

Shares of OCUP stock opened at $1.73 on Monday. Ocuphire Pharma has a 12 month low of $1.50 and a 12 month high of $5.08. The company’s fifty day simple moving average is $1.87 and its 200-day simple moving average is $2.46. The firm has a market cap of $44.85 million, a PE ratio of -3.53 and a beta of 0.39.

Ocuphire Pharma (NASDAQ:OCUP) last issued its quarterly earnings results on Friday, March 8th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.14). Ocuphire Pharma had a negative return on equity of 24.57% and a negative net margin of 59.44%. The business had revenue of $1.69 million for the quarter, compared to the consensus estimate of $3.47 million. On average, equities analysts predict that Ocuphire Pharma will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Ocuphire Pharma

In other Ocuphire Pharma news, CEO George Magrath purchased 25,000 shares of the stock in a transaction on Monday, March 18th. The shares were purchased at an average price of $1.96 per share, with a total value of $49,000.00. Following the completion of the transaction, the chief executive officer now directly owns 425,000 shares in the company, valued at $833,000. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders bought 37,000 shares of company stock worth $74,100. Insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OCUP. Acadian Asset Management LLC lifted its holdings in Ocuphire Pharma by 75.5% during the 3rd quarter. Acadian Asset Management LLC now owns 49,563 shares of the company’s stock valued at $165,000 after purchasing an additional 21,318 shares during the last quarter. Richmond Brothers Inc. lifted its stake in shares of Ocuphire Pharma by 7.6% during the 3rd quarter. Richmond Brothers Inc. now owns 368,003 shares of the company’s stock worth $1,233,000 after buying an additional 26,143 shares during the last quarter. Kestra Private Wealth Services LLC lifted its stake in shares of Ocuphire Pharma by 323.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 42,341 shares of the company’s stock worth $127,000 after buying an additional 32,341 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Ocuphire Pharma during the 1st quarter worth about $74,000. Finally, Victory Capital Management Inc. acquired a new position in Ocuphire Pharma in the 4th quarter valued at about $141,000. 14.97% of the stock is owned by institutional investors and hedge funds.

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.