Matthew Caufield, an analyst from H.C. Wainwright, has initiated a new Buy rating on Ocuphire Pharma (OCUP).
Matthew Caufield’s Buy rating for Ocuphire Pharma’s stock is based on several factors. Firstly, the FDA approval of Ryzumvi, or formerly small molecule eye drop Nyxol, for reversal of mydriasis is a significant development. This approval not only validates Nyxol as a nonselective alpha adrenergic antagonist but also has implications for its further development in presbyopia and night vision disturbances. The approval is also expected to result in the receipt of a $10M milestone as part of the Nyxol development and commercialization global license agreement with Viatris Inc. Furthermore, Caufield is optimistic about Nyxol’s potential under Viatris’ leadership as well as the expectation of US commercialization in 1H24.
In addition to the above, Caufield also anticipates top-line Nyxol data from the pivotal Phase 3 VEGA-2 trial during 4Q23. The data pertains to the daily treatment of presbyopia, a condition commonly corrected with reading glasses. Nyxol, both as monotherapy and in combination with 0.4% low-dose pilocarpine, is believed to offer differentiated therapeutic tunability for functional vision and pupil response. Separately, Caufield flags the End-of-Phase 2 meeting with the FDA for 4Q23 concerning the development of oral candidate APX3330 for the treatment of diabetic retinopathy as another significant event. The potential of APX3330 to offer non-invasive treatment for NPDR patients adds to Ocuphire’s value proposition. The last but not least, Caufield’s Buy rating is supported by his $20 price target based on an equally-weighted composite of projected EPS and NPV discounted cash flow.
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Ocuphire Pharma (OCUP) Company Description:
Rexahn Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which engages in the research and development of oncology therapeutics. Its drug candidates include the following: RX-31171 for pancreatic, bladder, colon, and lung cancer; and RX-5902 for metastatic triple negative breast cancer. The company was founded by Chang Ho Ahn on March 19, 2001 and is headquartered in Rockville, MD.
Read More on OCUP:
- Ocuphire Pharma and Viatris Announce FDA Approval of RYZUMVI™ (Phentolamine Ophthalmic Solution) 0.75% Eye Drops for the Treatment of Pharmacologically-Induced Mydriasis Produced by Adrenergic Agonists (e.g., Phenylephrine) or Parasympatholytic (e.g., Tropicamide) Agents
- Ocuphire Pharma to Participate in Three Upcoming Investment Bank Conferences
- Ocuphire Pharma to Present at ESCRS 2023 and MODLive! Conferences in September
- Ocuphire Pharma Announces Financial Results for Second Quarter 2023 and Provides Corporate Update
- Ocuphire Pharma provides anticipated 2023 milestones
