Ocuphire Pharma (NASDAQ:OCUP) Stock Price Down 4.3%

Shares of Ocuphire Pharma, Inc. (NASDAQ:OCUP) were down 4.3% on Monday . The company traded as low as $1.74 and last traded at $1.76. Approximately 196,987 shares were traded during trading, a decline of 12% from the average daily volume of 222,608 shares. The stock had previously closed at $1.84.

Wall Street Analyst Weigh In

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

Ocuphire Pharma Stock Performance

The company has a 50-day simple moving average of $2.22 and a 200 day simple moving average of $2.68. The company has a market cap of $43.17 million, a P/E ratio of -3.63 and a beta of 0.33.

Ocuphire Pharma (NASDAQ:OCUP) last issued its quarterly earnings data 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 return on equity of 22.30% and a negative net margin of 52.42%. The company had revenue of $1.69 million for the quarter, compared to analysts’ expectations of $3.47 million. On average, equities analysts forecast that Ocuphire Pharma, Inc. will post -0.53 EPS for the current fiscal year.

Insider Activity

In other Ocuphire Pharma news, CEO George Magrath purchased 25,000 shares of the stock in a transaction on Monday, March 18th. The shares were bought at an average price of $1.96 per share, for a total transaction of $49,000.00. Following the completion of the transaction, the chief executive officer now 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 is available at the SEC website. Over the last three months, insiders have bought 37,000 shares of company stock valued at $74,100. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Ocuphire Pharma

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Ocuphire Pharma by 8.0% in the 4th quarter. Vanguard Group Inc. now owns 927,800 shares of the company’s stock valued at $2,793,000 after buying an additional 68,995 shares during the period. Richmond Brothers Inc. boosted its position in shares of Ocuphire Pharma by 7.6% during the 3rd quarter. Richmond Brothers Inc. now owns 368,003 shares of the company’s stock worth $1,233,000 after acquiring an additional 26,143 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Ocuphire Pharma by 4.4% during the 3rd quarter. Renaissance Technologies LLC now owns 206,901 shares of the company’s stock worth $416,000 after acquiring an additional 8,711 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Ocuphire Pharma by 7.0% in the 2nd quarter. Geode Capital Management LLC now owns 194,049 shares of the company’s stock valued at $842,000 after purchasing an additional 12,679 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in shares of Ocuphire Pharma by 317.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 173,336 shares of the company’s stock valued at $522,000 after purchasing an additional 131,836 shares during the period. Hedge funds and other 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.