Ocuphire Pharma (NASDAQ: OCUP) tanked more than 20% in pre-market trading on Thursday after the clinical-stage ophthalmic biopharmaceutical company announced disappointing topline efficacy and safety results for its oral APX3330.
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The company was evaluating APX3330 for the treatment of diabetic retinopathy (DR) in its ZETA-1 Phase 2 trial. In this trial, APX3330 failed to meet its primary endpoint which was “a precedented endpoint for local administration of anti-VEGF intravitreal injections.”
However, Mina Sooch, MBA, Founder, and CEO of Ocuphire Pharma pointed out, “we are pleased that the ZETA-1 results on key pre-specified endpoints demonstrated positive outcomes with a favorable systemic and ocular safety profile that support our plans to move forward to an End-of-Phase 2 meeting with the FDA.”
Analysts are bullish on OCUP stock with a Strong Buy consensus rating based on a unanimous four Buys.