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Ocuphire Rallies After H.C. Wainwright Initiates Stock with a Buy -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Ocuphire Pharma Inc (NASDAQ:) shares are soaring Wednesday after H.C. Wainwright initiated coverage of it with a buy rating.

Matthew Caufield, an analyst, set $26 as the price target for the stock. He outlined four reasons why he did so. 

The shares of the company are 38% higher than Tuesday’s closing close at $4.81, but they initially rose to $5.50.

Ocuphire’s MIRA-2 phase 3 trial’s positive Nyxol topline results is Ocuphire’s first of four reasons to rate it. Analyst said it is an “opportune time to enter the name before further program validation,” as it anticipates it will in the short term.

He said that Nyxol is a crucial differentiation and a benefit to the stock. Ocuphire’s APX3330 for diabetic retinopathy treatment was also undervalued.

“With Ocuphire completing a reverse merger with legacy oncology platform Rexahn Pharmaceuticals, and listing on NASDAQ in November 2020, we maintain investors have yet to fully engage with Ocuphire’s Nyxol story and upcoming catalysts,” Caufield said.

Ocuphire announced Tuesday to investors that its first Nyxol patients had been enrolled in the third phase of Nyxol trials.

 

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