H.C. Wainwright analyst Matthew Caufield reiterated a Buy rating on Ocuphire Pharma (OCUP – Research Report) today and set a price target of $20.00.
Matthew Caufield’s Buy rating on Ocuphire Pharma is based on a few key factors. The first being the promising developments with the oral candidate APX3330 in the treatment of non-proliferative diabetic retinopathy (NPDR). APX3330 is differentiated by its dual-acting mechanism and novel approach that goes beyond the traditional intravitreal approach. It targets both VEGF and NFkB inflammation more broadly, which could be crucial in treating NPDR patients. Furthermore, the company has expressed that they are in alignment with the FDA on the pivotal primary endpoint evaluation, which is supported by the Phase 2 ZETA-1 trial.
The second factor is the recent FDA approval of Ryzumvi (formerly Nyxol) in the reversal of mydriasis (RM) or pharmacologically-induced pupil dilation. This approval is significant as it validates Nyxol and is expected to commence commercial launch in 1H24. Nyxol targets pupil reduction with selective inhibition of the iris dilator muscle and avoids the ciliary muscle, which could offer potential visual acuity benefits. The FDA approval also triggered a $10M milestone payment from Viatris to Ocuphire. As the development of Nyxol continues in the daily-treatment of presbyopia, the positive Phase 3 VEGA-2 trial in presbyopia met its primary endpoint, with Phase 3 development anticipated to continue.
In another report released on November 2, Canaccord Genuity also maintained a Buy rating on the stock with a $22.00 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 Announces Financial Results for Third Quarter 2023 and Provides Corporate Update
- Is OCUP a Buy, Before Earnings?
- Ocuphire Pharma announces end-of-phase2 meeting with FDA for APX3330
- Ocuphire Pharma Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
- Ocuphire Pharma appoints Magrath as CEO, Director
