Zacks Investment Research upgraded shares of Ohr Pharmaceuticals, Inc. (NASDAQ:OHRP) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $0.75 price target on the biotechnology company’s stock.

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 target on shares of Ohr Pharmaceuticals and gave the stock a buy rating in a research note on Wednesday, August 16th.

Ohr Pharmaceuticals (NASDAQ OHRP) traded up 0.6046% during trading on Wednesday, hitting $0.6489. The stock had a trading volume of 192,438 shares. The company’s market cap is $36.48 million. Ohr Pharmaceuticals has a 52 week low of $0.56 and a 52 week high of $3.20. The stock has a 50-day moving average price of $0.70 and a 200-day moving average price of $0.67.

Ohr Pharmaceuticals (NASDAQ:OHRP) last announced its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.18. Equities analysts predict that Ohr Pharmaceuticals will post ($0.95) EPS for the current year.

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A number of institutional investors and hedge funds have recently made changes to their positions in OHRP. 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 worth $191,000 after purchasing an additional 162,600 shares during the period. Cannell Peter B & Co. Inc. bought a new position in Ohr Pharmaceuticals during the second quarter worth about $187,000. 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 worth $520,000 after purchasing an additional 5,481 shares during the period. Hedge funds and other institutional investors own 7.03% of the company’s stock.

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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