Richmond Brothers Inc. Sells 36,157 Shares of Ocuphire Pharma, Inc. (NASDAQ:OCUP)

Richmond Brothers Inc. cut its holdings in Ocuphire Pharma, Inc. (NASDAQ:OCUP) by 15.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 191,304 shares of the company’s stock after selling 36,157 shares during the period. Ocuphire Pharma makes up 0.6% of Richmond Brothers Inc.’s portfolio, making the stock its 17th largest position. Richmond Brothers Inc. owned 0.74% of Ocuphire Pharma worth $293,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Ocuphire Pharma during the first quarter valued at about $36,000. Empowered Funds LLC bought a new position in shares of Ocuphire Pharma during the first quarter valued at about $74,000. Victory Capital Management Inc. bought a new position in shares of Ocuphire Pharma during the fourth quarter valued at about $141,000. Finally, Vanguard Group Inc. raised its stake in shares of Ocuphire Pharma by 6.9% during the first quarter. Vanguard Group Inc. now owns 992,200 shares of the company’s stock valued at $1,994,000 after acquiring an additional 64,400 shares during the last quarter. 14.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on OCUP. HC Wainwright lowered their price objective 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. Canaccord Genuity Group reiterated a “buy” rating and set a $18.00 price target on shares of Ocuphire Pharma in a research report on Wednesday, August 14th.

Ocuphire Pharma Price Performance

Shares of NASDAQ OCUP opened at $1.33 on Thursday. Ocuphire Pharma, Inc. has a 1 year low of $1.15 and a 1 year high of $4.50. The company’s 50-day moving average is $1.56 and its 200 day moving average is $1.71. The stock has a market capitalization of $34.48 million, a P/E ratio of -2.71 and a beta of 0.20.

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

Ocuphire Pharma Profile

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.