Analyst John Newman of Canaccord Genuity maintained a Buy rating on Ocuphire Pharma (OCUP – Research Report), with a price target of $22.00.
John Newman has given his Buy rating to Ocuphire Pharma due to a combination of factors. The first one is the positive feedback from the FDA on the use of APX3330 in Phase 3 for non-proliferative diabetic retinopathy. The FDA’s favorable response to the slowing of clinical worsening as a clinical endpoint improves the chances of APX3330’s success in Phase 3. Furthermore, the potential of APX3330 to become the first oral agent approved in a field predominantly dominated by injectable VEGF agents is significant.
In addition, Newman’s rating is based on the encouraging results of APX3330 in Phase 2, where it showed less worsening compared to a placebo. This positive signal is expected to be repeated in Phase 3, further boosting the prospects of APX3330. Another factor influencing the Buy rating is the large, untapped market opportunities in presbyopia, reversal of mydriasis, and night vision disturbances. Newman also notes that Ocuphire has a solid cash runway to 2025, based on $40M at the end of 2Q23, which further strengthens the company’s position.
According to TipRanks, Newman is a 5-star analyst with an average return of 9.4% and a 39.64% success rate. Newman covers the Healthcare sector, focusing on stocks such as Regeneron, Atara Biotherapeutics, and Arcellx Inc.
In another report released yesterday, JonesTrading also assigned a Buy rating to the stock with a $18.00 price target.
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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 Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
- Ocuphire Pharma appoints Magrath as CEO, Director
- Ocuphire Pharma Announces Appointment of George Magrath, M.D., M.B.A., M.S., as Chief Executive Officer and Director
- Ocuphire Pharma to Present at Euretina and Retina Society Conferences in October
- 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
