Ocuphire Pharma (NASDAQ:OCUP) Receives “Buy” Rating from Canaccord Genuity Group

Ocuphire Pharma (NASDAQ:OCUP)‘s stock had its “buy” rating restated by Canaccord Genuity Group in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $18.00 price target on the stock.

A number of other equities research analysts also recently weighed in on OCUP. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Ocuphire Pharma in a research note on Monday, May 13th. Canaccord Genuity Group upgraded shares of Ocuphire Pharma to a “strong-buy” rating in a report on Monday, May 13th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $18.75.

Ocuphire Pharma Trading Up 3.8 %

Ocuphire Pharma stock traded up $0.05 during trading hours on Wednesday, reaching $1.36. 27,021 shares of the stock were exchanged, compared to its average volume of 184,183. The stock has a 50 day moving average of $1.74 and a two-hundred day moving average of $1.95. Ocuphire Pharma has a twelve month low of $1.27 and a twelve month high of $4.50. The company has a market cap of $35.25 million, a P/E ratio of -2.78 and a beta of 0.32.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. 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 shares of Ocuphire Pharma in the 1st quarter valued at $74,000. Kestra Private Wealth Services LLC increased its stake in shares of Ocuphire Pharma by 323.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 42,341 shares of the company’s stock valued at $127,000 after acquiring an additional 32,341 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Ocuphire Pharma in the 4th quarter valued at $141,000. Finally, Vanguard Group Inc. increased its stake 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 valued at $1,994,000 after acquiring an additional 64,400 shares in the last quarter. 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.