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Ocuphire Pharma Inc. (OCUP) stock soared in the recent trading session: here’s why

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OcuphirePharma Inc. (OCUP) stock recently traded at $6.43 which is a 0.78% upward movement. The OCUP stock previously closed at $6.38.

The pattern of positive movement in recent trading session has been correlated with the news released on an analyst giving the OCUP stock a “Buy” after initiating coverage on it.

OccuphirePharma’s current pipeline projects

OccuphirePharma (OCUP) is a clinical-stage biopharmaceutical company which focuses on the specialization of developing and commercializing ophthalmic treatments for several eye disorders. OCUP is also publicly traded company. Its current pipeline consists of two-small molecule product that is acting as candidates targeting the eye indications.

  • Nyxol Eye Drops is the lead product candidate which consists of 0.75% phentolamine ophthalmic solutions. Designed to reduce pupil size to tackle dim light and night vision disturbance along with several other indications.
  • APX3330 is an oral tablet designed to inhibit the retinal inflammation pathway and choroidal vascular diseases.

Nyxol has passed the phase 3 trial in RM and is now in phase 3 trial for NVD’s clinical development. APX3330 is now in the phase 2 trial for clinical development of Diabetic Retinopathy (DR) and Diabetic Macular edema (DME).

Analyst rating for OCUP stock

Investors believe to be hyped about the recent developments in the Nyxol 0.75% which can target a large and significant market of unmet ophthalmic needs. This operational progress is also one of the reasons that Alliance Global Partners has initiated coverage on OcuphirePharma with Buy Rating. There are 2 more ratings on the firm lately. JoneTrading initiated coverage on OCUP stock in the previous month and has given a Buy rating as well. Cantor Fitzgerald has maintained its coverage and gives an overweight rating since March 2021.

OCUP has announced equity and options rewards for its employees

On 1st April 2021, OcuphirePharma (OCUP) had announced the equity award approval under Ocuphire’s inducement plan as a material inducement to Erik Sims. This approval was done through the compensation committee of the Board of Directors in OCUP. The equity award was given to Erik Sims in regard to his role within the company as Controller of the Company. This award was made effective since the announcement date and under accordance with Nasdaq listing rule 5635(c)(4).

Occuphire has also given Options awards for the employees who just started working with the company. This option provided the opportunity to purchase an aggregate of 38,000 shares of the OCUP’s common stock. The option will have a 10 year term and a 4 year period vest. The vesting percentage every year will be divided to 25% each 12 months.

Future potential of OCUP stock

Overall all eyes of investors and stakeholders are on the operational progress; specifically for the clinical trial phase 3 of Nylox 0.75 to succeed. The commercial roll-out of Nylox would enter a million dollar market due to unmet needs. The analyst ratings give a boost to the stock’s performance and will attract further investors to invest in OCUP stock.

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