Renaissance Technologies LLC Reduces Position in Ocuphire Pharma, Inc. (NASDAQ:OCUP)

Renaissance Technologies LLC cut its stake in shares of Ocuphire Pharma, Inc. (NASDAQ:OCUP) by 69.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,700 shares of the company’s stock after selling 93,600 shares during the period. Renaissance Technologies LLC’s holdings in Ocuphire Pharma were worth $64,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC bought a new stake in shares of Ocuphire Pharma during the first quarter valued at about $74,000. Virtu Financial LLC bought a new stake in shares of Ocuphire Pharma during the first quarter valued at about $36,000. Finally, Vanguard Group Inc. increased its position 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 period. 14.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on OCUP. Canaccord Genuity Group reiterated a “buy” rating and set a $18.00 price target on shares of Ocuphire Pharma in a research report on Wednesday, August 14th. HC Wainwright decreased their price target on 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 Up 2.5 %

OCUP stock opened at $1.25 on Tuesday. The company’s 50 day moving average is $1.33 and its 200 day moving average is $1.61. The stock has a market cap of $32.75 million, a price-to-earnings ratio of -2.27 and a beta of 0.20. Ocuphire Pharma, Inc. has a 1-year low of $1.15 and a 1-year high of $3.40.

Ocuphire Pharma (NASDAQ:OCUP) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.01). The company had revenue of $1.11 million during the quarter, compared to the consensus estimate 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, sell-side analysts forecast that Ocuphire Pharma, Inc. will post -1.11 EPS for the current fiscal year.

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.