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

Zacks Investment Research downgraded shares of Ocuphire Pharma (NASDAQ:OCUP) from a buy rating to a hold rating in a research report report 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. “

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

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

A number of hedge funds and other institutional investors have recently bought and sold shares of OCUP. Norris Perne & French LLP MI purchased a new stake in Ocuphire Pharma during the first quarter worth about $458,000. Renaissance Technologies LLC bought a new position in Ocuphire Pharma during the fourth quarter worth about $479,000. Comerica Bank bought a new position in Ocuphire Pharma during the fourth quarter worth about $322,000. Finally, Squarepoint Ops LLC bought a new position in Ocuphire Pharma during the fourth quarter worth about $127,000. Institutional investors and hedge funds own 63.71% of the company’s stock.

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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