Ocuphire Pharma (NASDAQ:OCUP) Shares Down 3.5%

Shares of Ocuphire Pharma, Inc. (NASDAQ:OCUP) dropped 3.5% on Tuesday . The company traded as low as $1.93 and last traded at $1.94. Approximately 185,957 shares were traded during trading, a decline of 15% from the average daily volume of 217,504 shares. The stock had previously closed at $2.01.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners reduced their price objective on Ocuphire Pharma from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th.

Ocuphire Pharma Price Performance

The stock’s 50 day simple moving average is $1.97 and its two-hundred day simple moving average is $2.51. The company has a market capitalization of $49.68 million, a P/E ratio of -4.04 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) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.14). Ocuphire Pharma had a negative net margin of 52.42% and a negative return on equity of 22.30%. The company had revenue of $1.69 million during the quarter, compared to analyst estimates of $3.47 million. As a group, equities research analysts expect that Ocuphire Pharma, Inc. will post -0.53 earnings per share for the current year.

Insider Transactions at Ocuphire Pharma

In other news, CEO George Magrath purchased 25,000 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were acquired at an average price of $1.96 per share, with a total value of $49,000.00. Following the completion of the purchase, the chief executive officer now directly owns 425,000 shares of the company’s stock, valued at approximately $833,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders bought a total of 37,000 shares of company stock worth $74,100 over the last 90 days. 8.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Ocuphire Pharma

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

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.