Stock Update (NASDAQ:OHRP): Here’s Why OHR Pharmaceutical Inc Shares Are Falling 18% Today
OHR Pharmaceutical Inc (NASDAQ:OHRP) announced this afternoon that it intends to offer and sell, subject to market and other conditions, shares of its common stock and warrants to purchase common stock in a public offering. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes, including Phase 3 Clinical trials of Squalamine. The offering is subject to market conditions and there can be no assurance as to whether the offering may be completed, or as to the actual size or terms of the offering.
The public offering would dilute shareholders’ investments, and as such OHR Pharmaceutical shares are currently dropping nearly 18% to $2.05 in after-market trading. OHRP has a 1-year high of $6.56 and a 1-year low of $2.44. The stock’s 50-day moving average is $3.43 and its 200-day moving average is $2.79.
On the ratings front, OHRP stock has been the subject of a number of recent research reports. In a report issued on October 27, H.C. Wainwright analyst Corey Davis initiated coverage with a Buy rating on OHRP. Separately, on October 4, Aegis Capital’s Jason Wittes initiated coverage with a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Corey Davis and Jason Wittes have a yearly average loss of 3.6% and a return of 3.7% respectively. Davis has a success rate of 38% and is ranked #3814 out of 4262 analysts, while Wittes has a success rate of 53% and is ranked #888.
Ohr Pharmaceutical, Inc. is a pharmaceutical company, which focuses on the development of novel pharmaceuticals for the treatment of serious and unmet medical needs. Its products include Squalamine and Trodusquemine. The company was founded by Irach B. Taraporewala in 2008 and is headquartered in New York, NY.