Ocuphire Pharma (NASDAQ:OCUP) Trading Down 3.1% – Time to Sell?

Ocuphire Pharma, Inc. (NASDAQ:OCUP)’s share price dropped 3.1% during trading on Thursday . The company traded as low as $1.21 and last traded at $1.23. Approximately 86,497 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 172,316 shares. The stock had previously closed at $1.27.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OCUP shares. Canaccord Genuity Group reissued a “buy” rating and set a $18.00 price objective on shares of Ocuphire Pharma in a research note on Wednesday, August 14th. HC Wainwright decreased their price objective on shares of Ocuphire Pharma from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th.

Ocuphire Pharma Trading Down 3.1 %

The stock has a market cap of $31.89 million, a P/E ratio of -2.51 and a beta of 0.20. The business’s 50 day moving average price is $1.34 and its two-hundred day moving average price is $1.62.

Ocuphire Pharma (NASDAQ:OCUP) last posted its earnings results 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 firm had revenue of $1.11 million for 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%. As a group, analysts expect that Ocuphire Pharma, Inc. will post -1.11 earnings per share for the current year.

Institutional Trading of Ocuphire Pharma

A number of hedge funds have recently modified their holdings of OCUP. Virtu Financial LLC purchased a new position in Ocuphire Pharma during the 1st quarter valued at about $36,000. Empowered Funds LLC purchased a new position in shares of Ocuphire Pharma during the first quarter valued at approximately $74,000. Finally, Vanguard Group Inc. boosted its position in shares of Ocuphire Pharma by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 992,200 shares of the company’s stock worth $1,994,000 after purchasing an additional 64,400 shares in the last quarter. Institutional investors own 14.97% 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 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.