Richmond Brothers Inc. Cuts Position in Ocuphire Pharma, Inc. (NASDAQ:OCUP)

Richmond Brothers Inc. lessened its holdings in Ocuphire Pharma, Inc. (NASDAQ:OCUP) by 15.9% during the second quarter, Holdings Channel.com reports. The firm owned 191,304 shares of the company’s stock after selling 36,157 shares during the quarter. Ocuphire Pharma comprises about 0.6% of Richmond Brothers Inc.’s portfolio, making the stock its 17th largest holding. Richmond Brothers Inc.’s holdings in Ocuphire Pharma were worth $293,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of OCUP. Empowered Funds LLC purchased a new stake in shares of Ocuphire Pharma during the first quarter valued at approximately $74,000. Victory Capital Management Inc. purchased a new stake in shares of Ocuphire Pharma during the fourth quarter valued at approximately $141,000. Virtu Financial LLC purchased a new stake in shares of Ocuphire Pharma during the first quarter valued at approximately $36,000. Finally, Vanguard Group Inc. grew its holdings 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 buying an additional 64,400 shares during the last quarter. Hedge funds and other institutional investors own 14.97% of the company’s stock.

Ocuphire Pharma Stock Up 1.5 %

Shares of Ocuphire Pharma stock opened at $1.33 on Thursday. The company has a market cap of $34.48 million, a price-to-earnings ratio of -2.71 and a beta of 0.20. The company’s 50 day moving average is $1.56 and its 200 day moving average is $1.71. Ocuphire Pharma, Inc. has a twelve month low of $1.15 and a twelve month high of $4.50.

Ocuphire Pharma (NASDAQ:OCUP) last issued 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 company had revenue of $1.11 million for the quarter, compared to the consensus estimate of $1.80 million. Ocuphire Pharma had a negative net margin of 85.75% and a negative return on equity of 30.19%. Sell-side analysts expect that Ocuphire Pharma, Inc. will post -1.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.