Ocuphire Pharma Inc (NASDAQ:OCUP) Stock Moves Up After Clinical Data

Ophthalmic biopharmaceutical firm Ocuphire Pharma Inc (NASDAQ:OCUP) could be one to watch today as the trading week comes to a close. On Wednesday, the stock had been in considerable focus among investors following a key announcement from the company the day before and ended up with gains of as much as 19% as a consequence.

Market Stats

On Wednesday, OCUP stock jumped 18.82% at $4.13 with more than 88.90 million shares, compared to its average volume of 1.60 million shares. The stock has moved within a range of $4.1000 – 5.5000 after opening trading at $5.02.

Announces Enrollment of First Patients in Second Phase 3 Pivotal Trial (MIRA-3) for Nyxol® in Reversal of Mydriasis (RM)

In this situation, it might be a good idea to take a closer look at the announcement. Ocuphire announced that the first set of subjects for the MIRA-3 Phase 3 pivotal trial, meant for evaluating Nyxol Eye Drops, had been enrolled. It was a significant announcement from the company and the reaction from the investors was perhaps understandable.

It might now be a good idea for investors to take a closer look at what the company announced in a bit more detail. Ocuphire Pharma noted that as many as 6 sites had been deployed for the purpose of enrolling subjects upon activation.

However, that was not all. The company also announced that as many as 10 new sites were going to be established shortly for the screening process. The top line results from the above mentioned trial is going to be made available at some point in early 2022.

Key Quote

“The safety and efficacy of Nyxol for reversal of mydriasis have been demonstrated in our prior MIRA-1 Phase 2b and MIRA-2 Phase 3 clinical trials,” said Mina Sooch, President and CEO of Ocuphire Pharma. “

Traders Corner

OCUP stock is below the 200-Day and 50-Day Moving averages of $5.37 and $4.39 respectively. However, the stock is trading above the 20-Day moving average of $3.92 The stock is up 17% in the past month.