Ocuphire Pharma, Inc. (OCUP) Reports Q2 Loss, Lags Revenue Estimates

Company Performance - Ocuphire Pharma reported a quarterly loss of $0.30 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.29, and compared to a loss of $0.24 per share a year ago, indicating a decline in performance [1] - The company posted revenues of $1.11 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 38.22%, and down from $3.67 million in the same quarter last year [2] - Over the last four quarters, Ocuphire Pharma has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - Ocuphire Pharma shares have lost approximately 45% since the beginning of the year, contrasting with the S&P 500's gain of 12.1% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.29 on revenues of $1.89 million, and for the current fiscal year, it is -$1.16 on revenues of $7.34 million [7] Industry Outlook - The Medical - Biomedical and Genetics industry, to which Ocuphire Pharma belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Ocuphire Pharma's stock performance [5]