Zacks Investment Research lowered shares of Ohr Pharmaceuticals, Inc. (NASDAQ:OHRP) from a buy rating to a hold rating in a report released on Friday.

According to Zacks, “Ohr Pharmaceutical, Inc. is a pharmaceutical company. It is focused on the development of novel therapeutics for the treatment of cancer cachexia, wet form of age-related macular degeneration and ophthalmic neovascularization disorders. Ohr Pharmaceutical, Inc. is headquartered in New York. “

Separately, HC Wainwright set a $10.00 price objective on shares of Ohr Pharmaceuticals and gave the company a buy rating in a research note on Wednesday, August 16th.

Shares of Ohr Pharmaceuticals (NASDAQ:OHRP) opened at 0.637 on Friday. The stock has a 50 day moving average price of $0.72 and a 200 day moving average price of $0.68. Ohr Pharmaceuticals has a 52-week low of $0.56 and a 52-week high of $3.78. The company’s market capitalization is $35.81 million.

Ohr Pharmaceuticals (NASDAQ:OHRP) last issued its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.18. On average, analysts predict that Ohr Pharmaceuticals will post ($0.95) earnings per share for the current fiscal year.

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Hedge funds have recently bought and sold shares of the business. Cannell Peter B & Co. Inc. purchased a new stake in Ohr Pharmaceuticals during the second quarter valued at about $187,000. Renaissance Technologies LLC lifted its stake in Ohr Pharmaceuticals by 242.3% during the first quarter. Renaissance Technologies LLC now owns 229,709 shares of the biotechnology company’s stock valued at $191,000 after buying an additional 162,600 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Ohr Pharmaceuticals by 0.7% during the second quarter. Vanguard Group Inc. now owns 812,418 shares of the biotechnology company’s stock valued at $520,000 after buying an additional 5,481 shares in the last quarter. 7.02% of the stock is owned by institutional investors.

About Ohr Pharmaceuticals

OHR Pharmaceutical, Inc, a pharmaceutical company, focuses on the development of novel therapeutics and delivery technologies for the treatment of ocular disease. Its lead clinical program is topical Squalamine, a small molecule anti-angiogenic drug, which could provide a non-invasive therapy to enhance vision outcomes.

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